French real estate investment fund SCPI Reason has made its first investment in Italy, acquiring a portfolio of two B&B Hotels properties in Piedmont for a total of €5.6 million, excluding transaction costs. Managed by MNK Partners, the fund has entered the Italian hospitality market through the acquisition of B&B Hotel Cherasco Langhe and B&B Hotel Park Hotel Mondovì, both located in the Province of Cuneo.

The transaction delivers an initial property yield of 8.2%, calculated on an acte en main basis, including acquisition costs. Furthermore, both hotels will remain under the management of B&B Hotels, ensuring operational continuity. The parties have signed new long-term lease agreements, with both contracts running until September 2046.

The two properties are approximately 30 kilometres apart and offer different accommodation profiles. B&B Hotel Cherasco Langhe is a 3-star hotel with 84 rooms, complemented by a wellness area and a restaurant operated by a third-party company. Its facilities support both leisure and business demand, benefiting from its location in the Langhe area.

Meanwhile, B&B Hotel Park Hotel Mondovì is a 4-star property with 81 rooms, located near the Turin–Savona motorway. The hotel features a restaurant, conference facilities and parking, making it suitable for both business and leisure travellers.

Overall, the acquisition represents SCPI Reason’s entry into the Italian hospitality real estate market. Moreover, the long-term lease agreements provide continuity of operation, while the two assets offer exposure to the Piedmont hospitality sector. The transaction also highlights the role of international investment funds in the Italian hotel market, particularly through sale-and-leaseback or income-generating real estate strategies.