Quinlan Private, owner of the Maybourne Hotel Group – formerly the Savoy Group – has sold the Four Seasons hotel in Milan to Italian real estate company Statuto Group for more than 200m euro (£140m, US$245m).

The hotel, a former 15th century convent, boasts 118 rooms and is located in the heart of Milan’s fashion and retail district, close to La Scala and the financial district.

“With the purchase of the Four Seasons in Milan, we complete our strategy in luxury hotel development in Milan and can offer the most prestigious locations and services with The Four Seasons, Duomo Hotel and in addition to the hotels that we will build in partnership with Starwood Hotels and Resorts,” said Giuseppe Statuto, owner of Statuto Group.

The company also owns the Hotel Danieli in Venice, which it acquired last year for 177m euro.

Peter Donnelly, a partner in Quinlan Private, said: “While we are sad to see one of our best hotel assets leave our portfolio, we are pleased to have delivered an attractive return for our investors.

“Despite difficult market conditions in the hotel industry over the past three years, the value we have created for our investor group shows the benefits of Quinlan Private’s strategy of investing in luxury hotels in prime locations.”