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

  • • Expedia Most Loved by Guests Award 2024
  • • TripAdvisor Travellers' Choice Awards 2022

 

Property Details [  –  ]
Number of guest rooms 86
Number of F&B outlets Two outlets comprising "Il Patio" Restaurant and "Il Michelangelo" Bar
Other facilities Mini Gym
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 2025 €45.9 million
Green Rating/Certification BREEAM "Good" Rating
Green Key Certification
Master Lease Details [  –  ]
Master lessee FC Operations Hotel SRL, affiliated to EVENT Hotels
Term of lease 20 years commencing from 27 November 2018, expiring 26 November 2038
Minimum rental income €1.3 million (3)
FY 2025 Key Financials [  –  ]
Rental income S$3.6 million (4)
(€2.4 million)
Net property income S$3.3 million (4)
(€2.2 million)
  • (1)The purchase price of €40.6 million is based on H-REIT's effective 95.0% interest in Hotel Cerretani Firenze - MGallery 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 CBRE Valuation S.p.A. using the Discounted Cash Flow approach.
  • (3)Pursuant to a temporary rent abatement agreement signed in December 2020, the annual base rent was reduced from 2020 to 2024, starting at €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 base rental income 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$1.4718.

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