Activated in March 2020, the fund is aimed at acquiring buildings in Italy, mainly in the cities of Milan and Rome, for conversion into hotels branded citizenM, well-known hotel chain focused on the “smart luxury” segment. The hotels will be then managed by citizenM.
Brief Fund Timeline
At the end of March 2020, the citizenM fund has finalised its first purchase; it’s a detached building of architectural and cultural interest of about 7,000 m² in the centre of Rome. The current main use of this asset is as offices, but the building will undergo renovation with change into hotel use.