SEB Management is planning to convert the Torre Quadra office building in Milan into a hotel for the B&B Hotel chain.
The 13-storey property is in the Sesto San Giovanni suburb in the north-east of Milan and was built in 1992.
SEB is planning to open the hotel, which will comprise 190 rooms over 5,000 m2, in spring 2014. It will be let to B&B Hotel on a 20-year lease.
The property is part of SEB’s open-ended real estate fund SEB ImmoInvest.
France-based budget hotel group B&B Hotel has over 270 hotels in France, Germany, Italy, Morocco, Poland, Portugal and the Czech Republic. The group is planning to open 40 more hotels in Italy.
“We are very pleased to be able to implement rapidly the lease signed with the B&B hotel group by starting construction work. The conversion project and the new long-term lease have allowed us to reposition the property successfully in what has been a difficult office market environment in recent years,” said SEB’s managing director Axel Kraus, who is responsible for real estate asset management.
