(MILAN) - Hines, the international real estate firm, and Blue Noble, an investment manager on the international real estate scene, have invested in a joint venture in the fund managed by Antirion SGR called Smart Stay. The latter has finalized a lease agreement with J.K. Place for the asset in Via Borgospesso 15 in Milan. Leader in the luxury hospitality sector, the Italian brand has chosen this prestigious property in the heart of the city’s fashion district as its first property in Milan.
The building will embrace the consolidated tailoring that has made J.K. Place a leading player in the hospitality sector. The project is for 38 rooms, some with large private terraces, a restaurant on the ground floor which is also open to non-guests, a gym with wellness area and an elegant internal courtyard.
The building covers an area of approximately 5,000 square meters and in the coming months will undergo renovation, based on the highest international standards of energy efficiency and environmental sustainability, with the aim of completing the work and opening in the first half of 2023.
The completion of the agreement with J.K. Place, a leader in Italian hospitality is backed by solid experience gained in luxury hotels in Rome, Capri and Paris, and consolidates the investors’ strategic interest in the living sector. Together, J.K. Place, Hines, and Blue Noble will enhance a corner of Milan's high-end shopping district with a cosmopolitan, contemporary hotel offering perfectly sensitive to the history and prestige of the surrounding area.
“We are very proud that J.K. Place has chosen our property in Via Borgospesso, for its debut in Milan, recognising its precious historical and artistic value as well as the strategic position it occupies in the heart of the fashion district,” comments Mario Abbadessa, Senior Managing Director & Country Head of Hines Italy. “The arrival of J.K. Place confirms the central role played by the city of Milan in the post-pandemic scenario of economic and social recovery, affirming its relevance in terms of tourism, culture, events and fashion. Tourists and business visitors alike continue to seek new hospitality solutions in great central locations with fantastic amenity provision and quality services. For this reason, we welcome J.K. Place to Milan to meet the needs of visitors, in line with our values and in keeping with our belief in the living sector.”
“After opening in Paris, we are proud to be back in Italy with a new project and have to admit that bringing the J.K. Place experience to a destination as competitive as Milan is a goal we had been wanting to achieve for some time. This city embodies all the values for which ‘Made in Italy’ is famous worldwide,” added Ori Kafri and Eduardo Safdie, founders of the J.K. Place. “Teaming up with a joint venture leader like Hines-Blue Noble gives us all the security and solidity we will need as we rise to this challenge.”
Paul Forshaw, Founding Partner and CEO of Blue Noble said: “Our investment on the discreet, yet prestigious, Via Borgospesso offers an opportunity to create an extraordinary hospitality offering in the heart of the world-renowned Milan fashion district. We are delighted to be able to announce the forthcoming arrival of J.K. Place, a name synonymous with offering contemporary luxury and the highest standards of service for the most discerning travelers. We are excited about the prospect of creating a truly unique product, which will enhance the immediate environment and provide further international appeal to the city of Milan.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management valued at approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm has more than 171 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 62 cities in 13 countries. Hines oversees investment assets under management valued at approximately €21.7 billion and provides third-party property-level services totaling 3.9 million square meters in Europe, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
¹ Includes both the global Hines organization as well as RIA AUM as of 30 June 2021.
Visit www.hines.com for more information.
Blue Noble LLP (‘Blue Noble’) is an independent, full service real estate investment management company, authorized and regulated by the Financial Conduct Authority (‘FCA’). Blue Noble was founded in 2017 by a team of experienced real estate professionals, previously from HSBC Alternative Investments Limited.
Blue Noble offers specialist real estate investment management globally for both private and institutional investors through club deals, separate accounts and funds. Blue Noble has a substantial and diversified asset base along with significant equity capital to deploy.
Visit www.bluenoble.co.uk for more information about the firm.
Since 2003 J.K. Place has been distinct in the world of luxury hospitality in Italy and today it counts two 5-star boutique hotels: one in Rome and one in Capri. In January 2020, the first international property opened in Paris and in 2023 it will open its third Italian address, in the heart of Milan's fashion district.
Housed in fully restored historic buildings and strategically located in the best neighborhoods of some of the world's most sought-after destinations, J.K. Place hotels offer a tailored approach to hospitality. Their dedicated service, discretion, and meticulous customization have won over the shrewdest of globe trotters.
Architect Michele Bönan is responsible for all the interiors, and attention to detail is a crucial part of his distinct and individual style. Each room is always unique and the common areas can be enjoyed in total freedom, as if in an elegant private residence.
Over the years, J.K. Place properties have been named among the best in the world by some of the most prestigious international publications. Since 2019 J.K. Place has been part of Altagamma after being awarded the Young Entrepreneurs Award - Believing in the Future by the Altagamma Foundation.