CBRE, in co-agency with BNP Paribas Real Estate Advisory and EY has advised Gruppo BNL on the development and sale of a Trophy Asset in Via Vittorio Veneto, Rome.
The asset, an amazing example of the Italian architecture of the 1930s, designed by Marcello Piacentini and formerly the historic headquarters for BNL Gruppo – consists of 26,700 sqm and has the capacity to become a luxury hotel in a privileged position on one of the best-known Roman roads.
“This transaction signals the emergence of a new ultra-luxury hotel brand in the Roman market” said Francesco Calia, Head of Hotels of CBRE Italy. “There is great interest from international operators in the city thanks to its solid market performance, and this is driving the growing demand for both core and value-add investments in Rome, a city that each year accounts for around 30% of the hotels investments in Italy.”
Rome, with over 29 million visitors in 2018 (source: Istat), is the most visited city in Italy. Hotel chains represent 27% of the stock of available rooms in the city (compared to Milan at around 50% and London at around 70%). In terms of performance, Rome has a RevPAR of around 130 euros on average over the past 12 months, compared to Milan at below 110 euros. This is evidence of the enormous potential for expansion in the hotel market in Rome, with a very low risk profile.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.