Starman Sells Le Meridien in Milan to Qatar Investment Authority
NOVEMBER 29, 2006. Starman UK Company Services Limited (Starman), a joint venture owned by Starwood Capital LLC and Lehman Brothers Holdings, has entered into an agreement to sell the Excelsior Hotel Gallia in Milan to the Qatar Investment Authority (QIA). The acquisition price for this prestigious property is in excess of EUR100 million. Jones Lang LaSalle Hotels advised the seller.
Felicity Black-Roberts, Director of Property at Starman, commented: 'We are pleased to have delivered an attractive return for our shareholders and believe QIA will prove to be an excellent long term investor repositioning the property as one of the leading hotels in Milan.'
Roberto Galano, Head of Jones Lang LaSalle Hotels, Italy said: 'This deal underpins the strength of Milan as an attractive hotel market. The Excelsior Hotel Gallia is one of the most prestigious hotels in Milan and we are not surprised it attracted strong interest from a wide variety of investors both national and international.'
The Excelsior Hotel Gallia, which occupies a prominent location near Milan's central railway station, and was opened by the Duke of Bergamo in 1932. Its Liberty-style facade has been a landmark of Milan ever since. This five-star hotel boasts 237 rooms and has one of the largest conference suites in the city.
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