Invesco acquires two Italian hotels in €160m deal

Invesco Real Estate has signed two forward-purchase hotel developments in Florence and Milan, Italy, from Art-Invest Real Estate.

The investment is valued at €160 million ($179 million).

The assets are 25hours hotel, a 172-room lifestyle and full-service hotel located in Florence’s Piazza San Paolino, and the 185-room NH Collection hotel, an upscale brand of NH Hotel Group in CityLife Milan.

25hours is scheduled to open in the second half of 2020, and Nh Collection will open in the fourth quarter of 2021.

Both hotels will be operated under long-term lease agreements with strong internationally recognized brands, according to Invesco. The deals add an additional country, operator and hotel style to Invesco’s growing pan-European hotel portfolio, which currently has 25 investments with more than €1.5 billion ($1.7 billion) in assets under management.

“Italy is a key hotel market, ranking as the third most visited destination in Europe for i