APG and GIC-backed hotel investor enters Italian market
Dutch hotel specialist CitizenM has partnered with Italian asset manager Antirion Sgr to launch a new investment fund focused on Italian hotel properties, specifically located in Rome and Milan.
The company is backed by Singapore’s sovereign wealth fund GIC and Dutch pension fund manager APG. GIC acquired a 25 percent stake in 2019 from APG and KRC Capital.
It has acquired its first asset in Rome, totaling 7,000 square feet spanning up six floors. It is on the Lungotevere, opposite the Tiber Island and the Jewish quarter. The asset will be refurbished and converted into a citizenM hotel with 160 rooms and rated as a four-star establishment. The firms will bring the concept of affordable luxury to the Italian market.