Milan continues to rank among Europe’s most attractive hotel investment markets. In early 2025, it was announced that the Voco Milan-Fiere hotel—part of the global IHG Hotels & Resorts portfolio—has been listed for sale with an asking price of €40 million. This makes it one of the most compelling mid-scale hotel investment opportunities currently available in Italy.
Key Property Features
The hotel is strategically located next to Fiera Milano, the largest exhibition center in Europe. Its convenient access to Malpensa Airport and major business districts makes it ideal for both corporate and leisure guests.
Highlights:
- 280 guest rooms
- Total surface area: 22,000 m²
- 1,200 m² of conference and event space
- On-site restaurant, bar, spa, fitness center, and indoor pool
- Parking capacity: 150 vehicles
- Fully renovated and rebranded as Voco in 2020
The hotel caters to modern business travelers and event organizers, offering flexible meeting space and full-service amenities in a high-demand zone.
Deal Overview
- Asking price: €40,000,000
- Price per key: approximately €143,000
- Asset type: Value-add hotel
- Seller: Italian operator managing under an IHG franchise agreement
- Reason for sale: Strategic capital reallocation into new developments in Rome and Florence
📝 “Value-add” means the property is income-generating today, with room for increased returns through operational improvements or repositioning.
Milan’s Hotel Market in 2024
Milan’s hotel market demonstrated strong recovery momentum in 2024:
- Average occupancy rate: 76%
- Average Daily Rate (ADR): €165
- Revenue per Available Room (RevPAR): €125
- Total visitors: 8.9 million, including 5.2 million international guests
Milan remains a major destination for business travel, international fairs, fashion events, and exhibitions.
2025 Market Outlook
Key growth drivers:
- 🔹 Preparation for the 2026 Winter Olympics (Milan–Cortina)
- 🔹 Expansion of direct air routes from Asia, Middle East, and North America
- 🔹 Increased demand from events hosted at Fiera Milano
- 🔹 Ongoing infrastructure upgrades across the city
- 🔹 Strong appetite for 4-star hotels near exhibition venues
📈 In 2025, occupancy in the exhibition district is expected to reach 83–85% in peak months, with RevPAR growth forecast at 6–8%.
Comparable Transactions
| Property | Rooms | Year | Sale Price | Price per Room |
|---|---|---|---|---|
| NH Collection Milano | 238 | 2024 | €68 million | ~€285,700 |
| Meliá Milano | 270 | 2023 | €80 million | ~€296,000 |
| Room Mate Giulia | 85 | 2022 | €25 million | ~€294,000 |
| Voco Milan-Fiere | 280 | 2025 | €40 million | €143,000 |
👉 At €143,000 per room, Voco Milan-Fiere is priced well below market average, despite having brand affiliation, scale, and updated infrastructure.
Investment Advantages
- ✅ Low CAPEX required – fully renovated in 2020
- ✅ Flexible operations – potential for conversion to aparthotel or hybrid format
- ✅ Stable demand base – driven by Fiera Milano
- ✅ Strong brand recognition – IHG’s Voco enhances visibility
- ✅ Yield enhancement potential – through dynamic pricing, tech upgrades, and MICE targeting
2025–2027 Forecast
- 📊 Projected hotel market growth in Milan: 5–6% CAGR
- 🏨 Total investment in Milan hotel sector expected to exceed €1.2 billion
- 📍 Mid- and upscale segments near exhibition zones are top priorities
- 🔄 Trend toward hybrid lodging and extended-stay formats
Conclusion
The listing of Voco Milan-Fiere for €40 million represents a prime opportunity in the Italian hotel market. The asset offers:
- 🏗️ Modern facilities
- 🌍 A global hospitality brand (IHG)
- 📍 A strategic, high-demand location
- 💼 Solid current returns with potential for future value creation
💡 At just €143,000 per room, it stands out as a value-driven asset in a competitive market. With projected yield potential of 6–6.5% in 2025, Voco Milan-Fiere is an exceptional fit for investors seeking long-term growth and short-term stability in a core European city.
