Amsterdam, 19 February, 2020 – Pan-European hotel operator, developer and investor, The Student Hotel (TSH), has acquired a site on the northern edge of the centre of Turin, from the Metropolitan City of Turin, where it is to deliver a new urban campus scheduled to open in 2023. TSH will invest an estimated €65 million in the development, one of the company’s largest-scale urban regeneration projects in Europe and the first to incorporate a purpose-built educational facility, for the IAAD Design University.
Turin, Italy’s fourth largest city, will be TSH’s sixth project in the Italian market, bringing its total development pipeline there to around €400 million. With further Italian cities in its sights, TSH expects to invest around €1.0 billion in Italy by 2025, representing a significant portion of its total European forward development pipeline.
The project marks TSH’s entry into a fourth Italian metropolis. TSH Florence opened in June 2018 and it has two additional developments in the city. TSH Bologna is to open in September 2020 and the company also has a project underway in Rome. By 2023, TSH will have opened 2,500 rooms and redeveloped more than 190,000m2 of urban regeneration across Italy.
Charlie McGregor, TSH’s CEO and Founder, said: “TSH has become the leading international investor in the rapidly expanding coliving and coworking market across Italy, in a remarkably short space of time, because of the successful partnerships forged with local municipalities to deliver its award-winning mixed-use model that connects local and international communities. Our blended business model, which brings together an investor, developer and operator, allows us to take a long-term view, adopt new approaches to development as well as offer best-in-class services to all our guests and become a thriving community hub for cities.”
The Mayor of Turin, said: “We welcome TSH’s plans for the development of a new ‘The Student Hotel’ campus in Turin. It is an important step towards the regeneration of the Ponte Mosca site near the historic city centre and will materially increase the quality and quantity of the services on offer for students, tourists and people coming to Turin to work for short periods of time.
Turin’s Councillor for trade and tourism continued: “TSH’s scheme also fulfils the need for more accommodation in Turin, which is being driven by the growing number of Italian and foreign students enrolling at Turin’s University, its Polytechnic and other higher education establishments, such as the IAAD Design University.”
The Turin development site is a plot of land located adjacent to the Ponte Mosca bridge in the Aurora district. It is just a five-minute walk from the central Porta Palazzo and 10 minutes from the city’s university. The new headquarters of the iconic Italian coffee company Lavazza is located nearby which is already helping to turn around the fortunes of the former industrial neighbourhood.
The new campus will provide much needed student and hotel accommodation, office and educational facilities for Turin and TSH aims to create a truly 24-hour mixed-use destination where people can learn, stay, work and play. The destination will be anchored by the 30,000m2 TSH Turin, which will encompass some 525 rooms, a 2,000m2 Collab, TSH’s co-working hub and extensive public spaces. The plans include an auditorium with the potential to become a cinema at night and a rooftop bar with swimming pool and stunning views of the Alps, open to the neighbouring community. The project will also see the creation of a new urban park for the city and include a state-of-the-art 3,000m2 building for the IAAD Design University.
Edoardo Volpi, TSH Head of Investments Italy, added: “This acquisition marks an important milestone for TSH’s expansion in Italy. The quality of Turin’s higher education institutions, a growing hotel market and a vibrant start-up scene make it a great fit for TSH’s concept and the natural city to develop a disruptive urban campus project. Turin has been one of our primary targets since we entered the Italian market and we have now found the perfect location and partners. The Ponte Mosca site offers huge potential, thanks to its strategic location as a ‘gateway to the heart of the city’. We are looking forward to working with our stakeholders and delivering the successful re-development of the area.
Following this major step for our growth in Italy, we are now targeting other key cities such as Milan, where we have been active recently and where we aim to secure our next site soon, thanks to the advanced discussions currently underway.”
TSH has an established track record in urban regeneration and delivering schemes that respect the cultural identity of the cities where they are located. In 2019, TSH Florence won the globally recognised award for the best mixed-use development in the face of extremely tough competition at MIPIM, the world’s largest real estate trade fair held annually in Cannes.
TSH has appointed Milan-based Studio Tectoo as architects for the project and was advised on the transaction by Dentons, Italsocotec, Studio Bossolono and Pirola Pennuto Zei & Associati.