Sandaya, a French outdoor accommodation group, completed the acquisition of a hospitality portfolio in Italy from PGIM Real Estate, a real estate investment management firm. Financial terms were not disclosed. “Italy is the second biggest open-air hospitality market in Europe. This traditionally family-owned asset class is largely untapped by institutional investors but with the right expertise, there is a huge investment opportunity to transform a granular asset strategy into an institutional platform. We maintain a strong conviction in this sector and are currently seeking investment opportunities in Italian open-air hospitality,” Musie Bocrezian, PGIM Real Estate Head of Italy.