Qatar Investment Authority (QIA) is to buy the 237-room Excelsior Hotel Gallia in Milan from Starman, a joint venture owned by Starwood Capital and Lehman Brothers, for in excess of €100m (£67.5m).

The five-star Excelsior Hotel Gallia, is close to Milan’s central railway station, and was opened by the Duke of Bergamo in 1932.

Starman owns predominantly European hotels and resorts including the Eden in Rome and San Lorenzo golf course.

Jones Lang LaSalle Hotels advised Starman.