MILAN Italian company Disma Sas has secured the winning bid at an auction for a 10,570-square-foot space located on the fourth floor of Milan’s Galleria Vittorio Emanuele II.

Disma, which will completely restore the space, will create a small five-star hotel, which will feature a spa, a gym and a space dedicated to cultural events. In addition, the hotel’s lounge area will have a bar and a restaurant.

The company will pay an annual rent of 421,000 euros, or about $465,000 at current exchange.

“The restoration of the upper part of the Galleria has been a success for the city’s administration,” said Daniela Benelli, Milan’s councilor for public property. “We strongly believed that it was crucial to restore the whole galleria: not just the commercial units on the first floor, but also the spaces on the upper levels which needed bigger works. With the creation of this hotel, another part of the gallery will be restored and brought back to its original status, thanks to the investments of private companies and without any cost for the city’s administration.”

The Galleria already contains another luxury hotel, the Seven Stars Galleria owned by TownHouse Hotels.

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