CBRE Hotels advises Starwood Hotels on sale of two luxury hotels in Florence

London, 21 June 2016 – CBRE Hotels has advised Starwood Hotels and Resorts on the sale of two luxury hotels in Florence, Italy, for €190m million to Middle East based Nozul Hotels and Resort Group.

CBRE Hotels provided sell-side advisory services for Starwood, employing careful analysis of the premises and using in depth knowledge of the market. Both hotels are located in the impressive Florentine Piazza Ognissanti. Entirely renovated and reopened in 2012, the St. Regis boasts 99 guestrooms, including 19 suites, a spa and a one Michelin starred restaurant. The Westin Excelsior Florence, also renovated, features 171 rooms, including 22 suites, a Westin Workout fitness centre and a rooftop bar and restaurant. The two properties provide an unforgettable experience of Italian hospitality to guests with a focus on being attentive to every need and backed by the knowledgeable management of Starwood Hotels and Resorts.

Starwood Hotels will continue to operate the hotels under the St. Regis and Westin brand flags under new long-term management agreements.

Francesco Calia, CBRE Hotels, commented: “The sale of these two hotels confirms the strong sustained interest from international investors for high quality hotel assets in the Italian hotel market.”

Recent data from CBRE reveals that Italy saw a significant uptick in Q1 2016 investment performance with deal volumes rising to more than 100% Y-o-Y. Hotel performance has in fact continued to build up a head of steam across most key markets, coupled with a steady contraction of yields and thus recovery of capital values.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue).  The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide.  CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.  Please visit our website at www.cbre.com.