Casa Cipriani debuts in the red, loss of almost 800 thousand euros for the luxury hotel and club in Milan
It went off with a bang Cipriani Housethe new five-star Milanese hotel controlled by the luxury restaurant group of the same name, which is headed by Arrigo Cipriani and to his son Giuseppe. This can be found out by reading the newly filed 2023 budget Cipriani Milanthe company set up for the new hotel business which is being developed in the building on the corner between Via Palestro and Corso Venezia and employs 172 people.
The exercise, the first complete one of activities, ended with revenues for 20.2 million euros even if the last line recorded a small loss of 778 thousand euros. The CEO of Cipriani Milano is Maximilian Ferruzzison of Arturo and Cristina Busi, while the board of directors is chaired by Arrigo Cipriani and sees his son Giuseppe present.
The management report explains that on total revenue half comes from the catering, banqueting and bar service activities while the gross operating margin which does not reach one million “is influenced by the 7.4 million cost of labor” so much so that “in the first months of 2024 the careful management control carried out by management is allowing a contraction in general costs that is more than proportional to the trend in revenues”.
To finance the Cipriani hotelwhich also includes a “club” formula, is the Italian Solution Bank which belongs to the Belgian Michel Lowy and Korean Soo Cheon Lee: the cited report, in fact, explains that the bank has granted financing for various reasons for a total of 5.5 million. Furthermore, in 2023 the members resolved to partially waive their interest-free financing for 750 thousand euros.
#Casa #Cipriani #debuts #bang #million #revenue #luxury #hotel