The company has hired Antirion to help establish a fund to invest in existing assets that are suitable for hotel conversion, with a specific focus on Rome and Milan.

The first property acquired will be refurbished and converted into a citizenM with 160 rooms.

Klaas van Lookeren Campagne, CEO of citizenM said: "Italy is a natural fit for the next phase of our global expansion. We are therefore very excited to launch this joint venture with Antirion as this gives us immediate access to this competitive market and the execution power to source and develop several high-quality properties in Italy, together with Antirion’s experienced and like-minded team."

Ofer Arbib, CEO of Antirion, added: "We are proud to support the introduction of citizenM in Italy, a truly disruptive global hotel group that delivers exceptional experiences for hotel guests while achieving materially higher returns on investment than any traditional hotel business […] This confirms our ongoing commitment to international realities that rely on innovation as a business model. We believe that this investment is now a clear signal of trust for Italy, for the capital and for the tourism industry, as well as a positive sign that drives us towards an optimistic outlook for the near future."

citizenM is backed by Singapore’s sovereign wealth fund GIC and Dutch pension fund manager APG.