The Star fund’s strategy envisages the investment of over eight million euros for an overall light refurbishment of the hotel over the next 18 months and to complete the rebranding operation of the structure as Marriott Tribute, an innovative premium lifestyle brand with 12 hotels across Europe, including the Great Northern Hotel in London, the Apollo Hotel in Amsterdam and the Gekko House in Frankfurt.
Looking beyond the pandemic
The world of hospitality in 2021 tried to forget the previous annus horribilis, when the outbreak of the Covid pandemic forced long closures to the structures and a stop to travel. In fact, 2021 could close with a volume of investments in the sector around 1.5 billion euros, a marked increase compared to the numbers of 12 months earlier, even if far from the record value of 3.2 billion with which it closed. 2019.
Despite the challenges related to the pandemic, Castello Sgr completes a significant acquisition important for the hotel platform, further expanding its portfolio on the Milan market and integrating itself into the rebranding and enhancement strategy operated on both business and leisure destinations.
«With this latest acquisition we confirm our leadership in the hotel industry – says Giampiero Schiavo, CEO of the company -. The Castello Sgr funds manage the most important real estate portfolio in Italy dedicated to the hotel sector ».
The reference shareholder of the asset management company is, since June 2020, Oaktree Capital Management, an American group that boasts 158 billion dollars of assets under management and offices from Los Angeles and New York to Tokyo and Singapore, passing through London and Paris.