HVS HODGES WARD ELLIOTT SELLS NH SANTO STEFANO, TURN TO INTERNOS
Internos Global Investors has acquired the NH Santo Stefano in Turn, Italy, for its "Real Value Plus" fund. HVS Hodges Ward Elliott handled the sale on behalf of the seller, local developer Immobiliare Galileo Srl, for €23.5 million, (€188,000 per room). The hotel will continue to be operated by NH Hotel Group, under a new long-term lease agreement with fixed and variable rent components. The 4-star NH Santo Stefano opened in 2006 to coincide with the Winter Olympics in Turin, and has 125 rooms, a restaurant, bar and nine conference rooms. The property is situated in a prime city centre location opposite Turin's Archaeological Museum, Cathedral (housing the famous Shroud of Turin) and Royal Palace.