Global real estate firm Hines and Accor have signed a deal for a new hotel at MilanoSesto via an agreement with the Unione 0 real estate fund.
The hotel will be developed on the Unione 0 private lot at MilanoSesto, on a 25-year lease, via the hotel group's partner, Amapa.
Hines is also a strategic advisor and development manager of the entire MilanoSesto 13-year project. Prelios, meanwhile, acts as manager of the Unione 0 real estate fund and asset and project manager of the overall initiative.
Excavation work for the hotel will start in August 2022 with construction set to begin on the buildings by the end of 2022. The buildings include the hotel (301 rooms), office space covering c. 48,000 square meters, student accommodation catering for approximately 700 people, affordable housing units (285 apartments) and free-market residential units (480 apartments).
The hotel will have 301 rooms that will operate under two Accor Group brands: 204 rooms will be managed by Novotel and offer facilities like short-stay, rental accommodations, while a total of 97 serviced apartments will be managed by Adagio and used as medium-long stay accommodation.
Unione 0 real estate fund closed in January with investment totalling €500 million.
What is MilanoSesto?
MilanoSesto is purported to be the largest urban regeneration project in Italy and will transform an area of more than 1.5 million square meters, where the Falck Steelworks of Sesto San Giovanni once stood, into a new urban center.
Located north-east of Milan, the area will be connected to the surrounding area via the new Sesto San Giovanni railway station. The development will be able to accommodate more than 50,000 residents, city users and visitors on a daily basis and will feature an intergenerational scheme of student housing, multifamily residences for professionals and young families, and senior housing.