PARIS (dpa-AFX) - Covivio SA (COV.PA), a French real estate company, on Wednesday announced the acquisition of a major portfolio of four 4-star hotels in Milan for EUR 217 million through its subsidiary Covivio Hotels.
The acquisition was finalized through a sale and leaseback transaction with Invest Hospitality, which will continue to operate these properties.
The acquisition will boost the Group's presence in the hotel sector in Italy, a market supported by robust demand.
This fully recently renovated portfolio of hotels will feature high-energy performances and a low environmental impact, the company said.
The Milan hotels, located in the Scalo Farini area, in Bicocca, in Corso Buenos Aires, and in Piazzale Loreto, offer a total of around 900 rooms distributed across areas.
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