Millennium & Copthorne Hotels on Monday announced a deal to acquire the Boscolo Palace Roma for €65.5 million (US$89 million), marking its first hotel in Italy.
A subsidiary of the London-based hotel company acquired the freehold interest from Grand Hotel Palace Srl, a joint venture between a subsidiary of Boscolo Group SpA and Pierre Srl. The deal is expected to close in Q2 of this year.
The hotel, which was built in 1927 and most recently renovated in 2010, offers 87 guestrooms and suites in the heart of Rome.
“We have been seeking to establish a presence in Rome for many years, and this acquisition continues our strategy of selective growth through careful investment in key gateway cities,” said M&C’s Singapore-based Chairman Kwek Leng Beng. “The hotel does not require material capital investment, having been very recently refurbished, or significant management infrastructure.”