Italy: Real estate asset management firm COIMA SGR will acquire €54 million (£45.6 million) in existing debt on the historic Grand Hôtel des Bains in Lido di Venezia, Plans are underway to restore the site after more than 15 years.
COIMA plans to invest approximately €200 million (£172 million) to fully restore and modernise the property.
The funds will be channelled through the COIMA Des Bains Fund, supported by COIMA’s ESG City Impact Fund, and Eagle Hills – a real estate development and investment company based in Abu Dhabi.
The COIMA ESG City Impact Fund includes several institutional investors, including Cassa Forense, ENPAM, Inarcassa, Cassa dei Commercialisti, Intesa Sanpaolo, Compagnia di San Paolo, Fondazione Padova e Rovigo, Fondo Pensione Monte dei Paschi di Siena, and Fideuram Vita.
The Grand Hôtel des Bains originally opened in 1900 with 180 rooms. It became famous for its literary significance when German writer Thomas Mann stayed at the hotel in 1911. His novella Death in Venice was inspired by his stay and adapted as a film in 1971.
Hotel closed in 2010, when the owner Est Capital abandoned his plans to turn it into luxury apartment building.
Under new plans, the hotel will be restored, renovated and returned to use as a modern high-end resort hotel. Work includes improvements to the park and public realm surrounding the building, as well as restoration and modernisation of the beach front, which is already underway.
Eagle Hills has entered the Italian market after expanding across Europe and along the Adriatic Coast. The group manages a global luxury hospitality portfolio of over 90 properties under the leadership of Mohamed Alabbar, founder of both Eagle Hills and Emaar Properties.
Eagle Hills is the only company that owns and runs more than 35 luxurious hotels, with a presence of over 12 countries.
COIMA and Eagle Hills are now working with Venice’s municipal authorities to complete the restoration phase.
Alabbar said: “This is more than a restoration – it is a revival of European legacy through modern excellence. Venice is a city that has been known as a “bridge between worlds” and we’re proud to play a part in its future by bringing our expertise in luxury hospitality to the hotel.
Manfredi Catella, COIMA founder and CEO, said: “The Grand Hôtel des Bains is a symbol of Venice recognised around the world and a treasured part of Italy’s cultural heritage. We will begin immediately working with Venice’s institutions to create a programme that puts the des Bains on its rightful spot on the world tourism map.
Highlights:
• COIMA and Eagle Hills have finalised a deal with lenders to acquire €54 million in debt tied to the Grand Hôtel des Bains.
• Approximately €200 million (£172 million) will be invested into the historic Venice hotel to restore its use as a high-end resort, which has sat closed since 2010.
• Funding will be provided through the COIMA Des Bains Fund, backed by Italian institutional investors and Eagle Hills.
• The hotel originally opened in 1900 and inspired Thomas Mann’s novella Death in Venice.
