Dublin-based former tax man Derek Quinlan has agreed to sell the Four Seasons hotel in Milan to Italian property firm Statuto Group for more than €200m (£139m).
Quinlan Private’s sale of the 118-bedroom property marks a world record value per hotel room to date with each being sold for €1.7m (£1.1m).
Giuseppe Statuto, owner of Statuto Group said: “With purchasing the Four Seasons in Milan, we complete our strategy in luxury hotel development in Milan and can offer the most prestigious locations and services with The Four Seasons, Duomo Hotel and in addition to the hotels that we will build in partnership with Starwood Hotels & Resorts.”
Peter Donnelly, partner at Quinlan Private, added: “While we are sad to see one of our best hotel assets leave our portfolio, we are pleased to have delivered an attractive return for our investors.
“Despite difficult market conditions in the hotel industry over the past three years, the value we have created for our investor group shows the benefits of Quinlan Private’s strategy of investing in luxury hotels in prime locations.”
Roberto Galano, Head of Jones Lang LaSalle Hotels in Italy, which advised Quinlan, said: “This is the biggest deal in the Italian market since the sale of Hotel Danieli in Venice also purchased by Statuto in 2005 which sold for €177m (£123m).
“It is a trophy asset and one of Europe’s top performing hotels.”
References: EGi News 03/04/06
