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Transactions - OCTOBER 22, 2021

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Invesco Real Estate opens new hotel in Italy

by Kali Persall

Invesco Real Estate has opened a new hotel in Florence, expanding its European hotel program.

The project developer was Art-Invest Real Estate, with 25hours Hotels as business operator.

Invesco initially announced the acquisition of the building- and redevelopment-program in 2019 as part of a €160 million ($186 million) forward-purchase deal for hotels in Florence and Milan.

Art-Invest Real Estate acquired the site, known as 25hours Hotel Piazza San Paolino, in 2017, and converted an 18th-century bank into a 171-room hotel consisting of three properties, a glass dome and extensive food-and-beverage facilities covering 10,750 square meters (115,712 square feet). The first 25hours Hotel is located in the central Santa Maria Novella district in the heart of old Florence, close to the Cathedral of Santa Maria del Fiore and the main train station.

“25hours Hotel Piazza San Paolino is a truly excellent addition to our portfolio and underscores th

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