BIG IN MILAN: Milan might be in the sights of the Ferragamo family to expand its hotel business.

According to Italy’s Corriere della Sera newspaper, Lungarno Collection, the hotel management company controlled by the Florentine family, would be in negotiations with Milan’s municipality to rent a property located on Corso Venezia, which housed the archbishop’s seminary until 2002. The property, which was erected in the second half of the 16th century, has been left behind and significant investments are required to bring it to its original splendor.

Speculators say Lungarno Collection would be interested in renting the property to transform it in an exclusive five-star residence.

This would be the first Milanese outpost of the company, which already manages hotels and resorts in Florence, Rome and in the Tuscan countryside.

Reached on Wednesday, Lungarno Collection declined to comment on rumors.

Among those interested in the property, British luxury hotel firm Rocco Forte made and offer, which was considered too low by Milan’s municipality.