Owner of Four Seasons Milan and Danieli Venice seeking IPO
Italian real estate group Statuto, owner of Hotel Danieli in Venice and Four Seasons Hotel in Milan, has hired JPMorgan and Banca IMI to look at listing the business on the Milan stock exchange before the summer. Sources close to the matter say that the estimated value of the group is expected to be in excess of 1.5 billion euro.
The listing would be the first for a luxury property group in Italy and would seek to emulate the model of New York-listed groups Host Hotels & Resorts which has a market cap of 15.9 billion dollars and Strategic Hotel Capital, a market cap of 2.1 billion dollars according to The Financial Times.
Statuto’s move comes as it has advanced with the development of the Mandarin Oriental, Milan and W Hotel Milan which are scheduled to open next year, in time for the Expo. Statuto is also the owner and developer of the W Hotel in Rome.