Two Minor Hotels assets on the market
Generali Real Estate has launched the sale of a portfolio of two hotels in Milan and Rome, with an indicative value of around €180m. The news was first reported by GreenStreet News and subsequently picked up by the Italian outlet BeBeez. According to GreenStreet News, JLL, Eastdil Secured and Savills are advising on the sale process.
Both properties are operated under brands belonging to Minor Hotels, the Thai group that took control of NH Hotel Group in 2018. The overall price implies an average value of around €360,000 per room. This calculation is based on the 503 rooms currently listed on the two hotels’ official websites.
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nhow Milano, a former industrial site in Tortona
nhow Milano has 246 rooms and suites. It occupies a former industrial complex in the Tortona district, which has become one of Milan’s leading fashion and design hubs, close to the Mudec museum and the Navigli canals. The hotel offers meeting and event spaces as well as a rooftop infinity pool.
The building at 35 Via Tortona was converted in several phases. RealStep, the developer behind the project, notes that the site once housed a General Electric production facility. Its transformation began in the late 1990s. The complex now extends to around 30,000 sq m and brings together showrooms, offices and fashion-dedicated spaces around the hotel.
NH Collection Roma Centro, an address in the Prati district
NH Collection Roma Centro is located at 324 Via dei Gracchi, in the Prati district, between the Vatican and Piazza del Popolo. The hotel has 257 rooms, 19 meeting rooms, a restaurant and a bar. It has recently been renovated and is a few minutes from St Peter’s Square and Castel Sant’Angelo.
Asset rotation within a pan-European portfolio
The sale forms part of Generali Real Estate’s broader investment activity in hospitality. The asset manager holds properties in several major European cities: Milan, Rome, Madrid, Paris, Prague, Venice, Lyon and London.
In the UK, Generali Real Estate SGR, part of Generali Investments, completed the acquisition of the Novotel Tower Bridge London in June. The 203-room, four-star hotel is located at 10 Pepys Street, in the heart of the City. The sellers were Ares Real Estate and EQ Group. The deal was carried out through the Generali Real Estate Umbrella Fund – Hospitality Europe Fund, a Luxembourg-domiciled pan-European fund dedicated to hotel assets. The price paid is reported to be £155m, or around €179m.
At the time of that acquisition, Generali Real Estate said its pan-European hotel portfolio stood at around €1bn. The asset manager targets the upscale, upper-upscale and luxury segments in Europe’s main gateway cities.
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Real assets at the heart of the group’s strategy
The Italian deal comes as Generali continues to present real assets as one of the priorities of its investment strategy. In its results as at 30 June 2026, the group reaffirmed its intention to gradually increase its exposure to private and real assets. In real estate, it is maintaining geographical and sector diversification alongside strict selection based on asset quality.
At the end of June, the group’s assets under management stood at €944bn.
LTH Analysis – Selling two mature assets in Italy while expanding in London amounts to rebalancing within the portfolio rather than withdrawing from the sector. The implied valuation of around €360,000 per room will give the market a benchmark for upscale and lifestyle urban assets in Milan and Rome.
At a glance by The Hospitality Tribune
Generali Real Estate puts €180m Italian hotel portfolio up for sale
Two Minor Hotels-operated assets: nhow Milano (246 keys) and NH Collection Roma Centro (257 keys)
503 keys in total, implying around €360,000 per key
Advisers: JLL, Eastdil Secured and Savills (per GreenStreet News)
Follows June 2026 acquisition of Novotel Tower Bridge London (203 keys, reportedly £155m)
Pan-European hospitality portfolio of around €1bn across Milan, Rome, Madrid, Paris, Prague, Venice, Lyon and London
