Italian insurer Generali's property arm has announced that it has reached an agreement with Spanish operator Meliá Hotels International for the redevelopment of a Gran Meliá five-star luxury hotel in Milan's central Piazza Cordusio square, near Piazza del Duomo.
The historic building, known as Palazzo Venezia, housed Generali's Milan headquarters before the firm relocated to the Generali Tower in CityLife. Designed in the late XIX century by architect Luca Beltrami, the asset will be restored and brought up to the most environmentally-sustainable standards, targeting a Leed Gold certification. It is expected to provide a total of 70 luxury rooms on completion in 2023.
'This announcement confirms both players’ confidence in Milan and their recognition of the investment opportunities within the city, as the travel industry recovers following the pandemic,' Generali and Meliá Hotels said in a joint statement. The property - owned by a fund managed by Generali Real Estate SGR - will represent Generali's fourth hotel in the city, adding to Meliá Milano, ME Milano Il Duca and INNSIDE Milano Torre Galfa. In addition, the company also owns hotels in Rome and Genoa..
'Italy is one of the world's greatest tourist destinations and it is a privilege for us to offer iconic hotels such as the Gran Meliá in Milan, which bring even greater recognition to our brands,' commented Gabriel Escarrer, Vice President and CEO of the hotel operator.
'With this important investment, we confirm our confidence in the strength of Milan and its come-back among the most important business and travel destination, after the pandemic crisis,' commented Aldo Mazzocco, CEO of Generali Real Estate. 'As a long-term investor, we selected a world-class and forward-looking partner such as Melia, which shares with us a ‘Mediterranean’ root and style, to both preserve and transform one of our most iconic buildings into a high-end hotel.'