Hotel Cerretani Florence, MGallery by Sofitel

  • Property Details
  • Overview
Property Details [  –  ]
Number of Guest rooms 86
Number of F&B Outlets Two outlets comprising “Il Patio” Restaurant (which serves breakfast) and “Il Michelangelo” Bar
Land area ~1,350 sq m
Title Freehold
Purchase price at 27 November 2018 €40.6 million (1)
Valuation (2) as at 25 July 2018 €43.8 million
Master Lease Details [  –  ]
Master lessee FC Operations Hotel SRL, affiliated to EVENT Hotels
Term of lease 20 years commencing from 27 November 2018
Minimum rental income £1.3 million
FY 2018 Key Financials [  –  ]
Rental Income S$0.2 million (3)(4)
(€0.1 million)
Net property income S$0.1 million (3)(4)
(€0.1 million)
Average occupancy rate 77.7% (5)
  • (1)The purchase price of €40.6 million is based on H-REIT’s effective 95.0% interest in Hotel Cerretani Florence, MGallery by Sofitel.
  • (2)The property was valued by HVS Global Hospitality Services as at 25 July 2018 using the Discounted Cash Flow approach and based on a 100% interest basis.
  • (3)Based on the average exchange rate of €1.00 = S$1.5924
  • (4)As Hotel Cerretani Florence was acquired on 27 November 2018, the numbers only include the contribution from 27 November 2018 to 31 December 2018.
  • (5)This assumes CDLHT owned Hotel Cerretani Florence for the full period of FY 2018.

Via de' Cerretani 68, 50123 Florence, Italy

  • Guest Room

    86
    Guest Rooms

  • Land Area

    ~1,350 sq m
    Land Area

  • In Valuation

    €44 million
    In Valuation

Hotel Cerretani Florence, MGallery by Sofitel is a 4-star hotel with 86 rooms. Boasting an exceptional location in the heart of Florence’s historic city centre, the hotel is within walking distance to world famous tourist attractions including the cathedral of Santa Maria del Fiore (Il Duomo), Ponte Vecchio, Galleria dell’Accademia, and the Uffizi Gallery, which houses some of the most important works of the Renaissance, such as those by Leonardo da Vinci, Botticelli and Michelangelo.

The main train station is only an 8-minute walk from the hotel while Florence International Airport is also easily accessible via a relatively short 25-minute drive.

In 2016, the hotel underwent a full renovation of all its guest rooms and public areas.

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