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Lоndon, 20 June, 2016 – JLL’s Hotels & Hospitality Group has advised Starwood Hotels & Resorts Group in the sale of two trophy assets in Florence for a total sale price of approximately €190million. The St. Regis Hotel, which has 99 rooms, and the Westin Excelsior Hotel, with 171 rooms have been acquired by Qatar based Nozul Hotels & Resorts Group.
Roberto Galano, Executive Vice President of JLL Hotels & Hospitality Group in Italy, commented: “Florence is one of the most active Italian luxury hotel markets, and this was a rare opportunity to invest in two of its most prestigious properties as part of Starwood’s stated strategy of exiting or transferring a number of its owned assets. JLL’s deep understanding of its clients’ business objectives and the strong relationship we have with both the seller and the buyer in this particular case, were key factors that contributed to the success of the deal, along with recovering economic fundamentals, increasing demand for the luxury segment and the stable supply in Florence.”
Amr El Nady, Vice President of JLL’s Global Hotel Desk based in Dubai, added: “The successful completion of this deal underlines our emphasis on understanding our clients’ objectives, as well as our deep and broad network, and our understanding of how market and economic sentiment play out in the hotels sector worldwide. We are delighted to have supported a landmark transaction in the Italian investment market. The transaction also highlights the sustained appetite from Middle East investors for high quality trophy hotel assets around the world, operated by the right strategic partner – in this case, Starwood Hotels & Resorts.”
Nozul Hotels & Resorts Group has been active in other parts of the Italian hotels market, having recently bought the Gritti Palace in Venice in a similarly high profile transaction.
Notes to editors:
About JLL’s Global Hotel Desk
JLL's Global Hotel Desk is an international team which bridges borders and cultures to match hotel property owners with the right buyer. The team is made up of world class deal makers and property marketers in the hospitality business, based across the world’s most sought after real estate investment markets. It has a collaborative cross-border approach to marketing a hotel asset, portfolio or platform, and has access to the largest pool of investors in the world.
About the St. Regis and the Westin Excelsior
The St. Regis Florence Hotel was originally built in 1432 by Filippo Brunelleschi and is considered to be one of the most significant buildings in the city for its artistic and historical value. It is in central Florence, along the Arno river. The 5-star accommodation has breath-taking views of Ponte Vecchio, and offers a Michelin starred restaurant, a wellness centre, a gym and luxury rooms with antique furniture.
The Westin Excelsior Hotel is located in the historic Piazza Ognissanti, along the Arno river, offering luxury rooms and suites, most of them with views of the river and of Oltrarno neighbourhood.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
In Russia and CIS JLL has offices in Moscow, St. Petersburg and Kiev. JLL, Russia & CIS was voted Consultant of the Year in 2004, 2006-2016 at the Commercial Real Estate Awards, Moscow; Consultant of the Year at the Commercial Real Estate Awards 2009, St. Petersburg; Consultant of the Year at the RCSC Awards in 2015.
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