Pimco Prime Real Estate has completed the redevelopment of the Radisson Collection Hotel Santa Sofia in Milan.
Located in Via Santa Sofia 37, the former office building comprises 159 rooms including suites, two restaurants, a gym, a sauna, a roof-top terrace with an outdoor pool, among other amenities and an inner courtyard.
Occupied by Allianz SpA until 2018, the 13,000 sqm hotel has undergone a refurbishment which has seen the 1960s office building transformed into a LEED Gold-certified hotel while maintaining its architecture and façade.
This refurbishment follows Pimco’s redevelopment of the former Allianz-RAS headquarters in Trieste into a five-star hotel.
Why it matters
Pimco's redevelopment of an office building to a luxury hotel with high sustainability credentials further emphasizes increased investment interest in luxury eco-conscious hotels. It also highlights the opportunities available in converting different asset classes to hotels.
What they said
Donato Saponara, head of south & west Europe, co-head of Investment Europe at Pimco Prime Real Estate said: “The Santa Sofia hotel is an excellent addition to our European suite, and showcases the best of our manage-to-core asset management strategy. By leveraging the expertise of our local teams and operating platforms, we are able to transform assets into sustainable, top-quality properties that create long-term value for tenants, communities and our investors.”
Fulvio Delaiti, head of Italy at Pimco Prime Real Estate added: “Milan continues to offer very attractive fundamentals in terms of tourism, retail and business demand and it remains a prime market. In the leisure sector, we see guests gravitating towards high quality life-style hotels and we’re delighted to be able to capitalise through the transformation of the Santa Sofia asset into a vibrant five-star hotel.”