Hotel Properties

PROPERTY firm Hotel Properties Ltd (HPL) said that its associated company plans to buy for an estimated 22.6 million euros (S$35.4 million) the freehold interest of a 740-acre site in Tuscany, Italy, that is occupied by a five-star hotel and a fully consecrated chapel.

The purchase of the site was made through buying up the entire corporate capital and voting rights of Castello del Nero, a company incorporated in Italy. This was done via a wholly owned unit of Leisure Ventures, in turn HPL's associated firm.