The Florence-based hotel firm, which already operates four hotels in its home city and one property in Rome, will turn the former Archiepiscopal Seminary in Milan into a hotel due to open in autumn 2020.
The 16th century building in Milan’s fashion district will be converted into the Portrait Milano hotel in a development that will also include restaurants, a shopping arcade and event spaces.
Leonardo Ferragamo, president of the Lungarno Collection, said: “Portrait Milano gives us the chance to bring our own special brand of hospitality to an exceptional location and a city that continues to emerge on the global stage.
“We will be able to introduce our guests to Milan’s incredible heritage, taking pathways which many outstanding men have followed investing all their energies to help make the city what it is today.”
Lungarno’s current properties include Hotel Lungarno, Gallery Hotel Art and Portrait Firenze in Florence, plus Rome’s Portrait Roma.