Properties

Hotel Cerretani Firenze ‐ Mgallery

Via de' Cerretani 68, 50123 Florence, Italy

  • Guest Room

    86
    Guest Rooms

  • Land Area

    ~1,350 sq m
    Land Area

Hotel Cerretani Firenze - MGallery is a 4-star hotel with 86 rooms. The hotel is located in an exceptional location in the heart of Florence's historic city, within walking distance to famous tourist attractions including the Cathedral of Santa Maria del Fiore (Il Duomo), Basilica of Santa Croce, Piazza della Signoria and Ponte Vecchio. Museums in the vicinity such as the Uffizi Gallery and the Accademia Gallery house some of the most important works of the Renaissance, such as those by Leonardo da Vinci, Botticelli and Michelangelo.

The main train station "Santa Maria Novella", is only an eight-minute walk from the hotel while Florence International Airport is also easily accessible via a relatively short 15 to 25-minute drive or 20 minutes by tram.

NOTABLE ACCOLADES

  • • Green Key Certification - 2024
  • • TripAdvisor Traveller's Choice Awards 2022

 

Property Details [  –  ]
Number of guest rooms 86
Number of F&B outlets Two outlets comprising "Il Patio" Restaurant (which serves breakfast buffet) and "Il Michelangelo" Bar
Land area ~1,350.0 sq m
Title Freehold
Purchase price at 27 November 2018 €40.6 million (1)
Valuation (2) as at 31 December 2023 €45.5 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 (3)
FY 2023 Key Financials [  –  ]
Rental Income S$5.6 million (4)
(€3.8 million)
Net property income S$5.3 million (4)
(€3.7 million)
Average occupancy rate 74.9%
  • (1)The purchase price of €40.6 million is based on H-REIT's effective 95.0% interest in Hotel Cerretani Firenze and the furniture, fixture and equipment. This excludes the adjustment for net working capital. On the basis of 100% interest, the purchase price is €42.7 million.
  • (2)The property was valued by C&W (U.K.) LLP (Italian Branch) using the Discounted Cash Flow approach.
  • (3)Due to the COVID-19 pandemic, a temporary 5-year rent abatement agreement for Hotel Cerretani Firenze was signed in December 2020 ("Temporary Arrangement"). Pursuant to the Temporary Arrangement, from 2020 to 2024, the annual base rent level of the hotel has been reduced, starting with €0.2 million in 2020, stepping up annually to a base rent level of €0.9 million in 2024, before reverting to the original base rent level of €1.3 million per annum in 2025. Under FRS 116 / SFRS(I) 16 Leases, the rental income under this lease modification will be accounted for on a straight-line basis over the remaining lease tenure at €1.1 million per annum.
  • (4)Based on the average exchange rate of €1.00 = S$1.4522.

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