Latest news with #LidoDiVenezia
Arabian Business
12 hours ago
- Business
- Arabian Business
Abu Dhabi's Eagle Hills to join $215m renovation of iconic Venice hotel
Abu Dhabi's Eagle Hills is joining an investment group undertaking the €200m ($215m) renovation of an iconic and historic hotel in Venice, Italy. COIMA SGR, a leading Italian real estate investment and asset manager, has finalised an agreement to acquire 100 per cent of the legacy debt on the historic Grand Hôtel des Bains, paving the way for the full restoration of the landmark property on the Lido di Venezia. The project will be financed through the newly launched COIMA Des Bains Fund, backed jointly by the COIMA ESG City Impact Fund – Italy's largest urban regeneration vehicle – and Abu Dhabi-based Eagle Hills, a global real estate investment and development company. Eagle Hills joins Venice hotel renovation The COIMA ESG City Impact Fund includes institutional investors such as Cassa Forense, ENPAM, Inarcassa, Intesa Sanpaolo, and others. Eagle Hills' entry into Italy marks a strategic expansion of its European portfolio and reinforces its focus on reviving iconic destinations through luxury hospitality. The Grand Hôtel des Bains joins Eagle Hills' global portfolio of more than 90 luxury hospitality properties. The company, under the leadership of Mohamed Alabbar, owns and operates more than 35 hotels, with projects across Europe, the Adriatic, the Middle East and Africa. Notable assets include the restored Bristol Hotel in Belgrade, Serbia, within the Belgrade Waterfront project. The investment in Venice underscores growing confidence in Italy's political stability and tourism sector, following the official visit of President Sheikh Mohamed bin Zayed Al Nahyan in February 2025. It also reflects strengthening UAE-Italy bilateral relations. The COIMA ESG City Impact Fund focuses on urban regeneration and sustainable reuse of buildings. Its initiatives include the Porta Romana Railway Yard redevelopment with Prada Holding and Covivio, and the 2026 Winter Olympics Athletes' Village, which will later become Italy's largest student accommodation complex. Entrepreneur Federico Marchetti, founder of YOOX Net-A-Porter Group, has also invested in the COIMA Des Bains Fund through his company, Mavis. COIMA and Eagle Hills may open the fund to further institutional and professional investors to support broader regeneration across the Lido di Venezia, home to the Venice Film Festival. The fund has acquired a €54m ($58.1m) loan held against the hotel from Intesa Sanpaolo and Altea SPV, which had purchased the debt tranche originally held by UniCredit. CRC (Christofferson, Robb & Company) is the noteholder, with Prelios Credit Servicing acting as servicer. This agreement enables COIMA to invest approximately €200m ($215m) in restoring and modernising the Grand Hôtel des Bains. Closed since 2010, the hotel will be transformed into a high-end resort while retaining its historical character. The redevelopment also includes enhancements to the surrounding park and beachfront, with work on the latter already under way. Opened in 1900 with 180 rooms, the Grand Hôtel des Bains was a luxurious retreat frequented by Europe's elite. It gained literary fame when Thomas Mann stayed there in 1911, inspiring his novella Death in Venice. The hotel later featured in the 1971 film adaptation and became a regular host to aristocrats, artists and celebrities during the Venice Film Festival. Previous redevelopment plans by Est Capital were abandoned in 2010. COIMA and Eagle Hills will now coordinate with Venice's public authorities to finalise the restoration programme. Mohamed Alabbar, Chairman and founder of Eagle Hills, said: 'This is more than a restoration – it is a revival of European legacy through modern excellence. Venice has always been a bridge between worlds, and we are proud to be part of its future, bringing our experience in luxury hospitality to one of the most symbolic hotels on the continent.' Manfredi Catella, COIMA founder and CEO, said: 'This first partnership with Eagle Hills, following an extensive exploration of investment opportunities, represents an important step forward and a meaningful sign of the strengthening relationship between Italy and the United Arab Emirates, following the meeting between Italy's Prime Minister Giorgia Meloni and His Highness Sheikh Mohamed bin Zayed Al Nahyan. '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 promptly begin working with Venice's public institutions to put a programme in place that restores the Des Bains to its rightful place on back on the global tourism map.'
Al Bawaba
a day ago
- Business
- Al Bawaba
Coima, in Partnership With Eagle Hills, Agrees Deal With Banks to Unlock €200m Restoration of Iconic Venice Hotel
COIMA SGR, a leader in the investment, development and management of real estate assets on behalf of institutional investors, has finalised an agreement with lenders to purchase 100% of the legacy debt on the historic Grand Hôtel des Bains, in a move that paves the way for the full restoration of the landmark hotel on the Lido di project to restore and modernise the hotel will be financed through the COIMA Des Bains Fund, a new investment vehicle jointly backed by the COIMA ESG City Impact Fund – Italy's largest national urban regeneration fund – and Eagle Hills, a real estate development and investment company based in Abu COIMA ESG City Impact Fund brings together a range of 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 with COIMA, Eagle Hills' entry into Italy represents a strategic expansion of its growing European footprint and reinforces its long-term focus on revitalizing iconic destinations through world-class Hôtel des Bains adds to 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 alone owns and operates more than 35 luxury hotels and stands among the world's leading mixed-use development companies, with a presence in over 12 countries. Its growing portfolio spans premier destinations across Europe, the Adriatic, the Middle East, and Africa—delivering integrated communities and iconic hospitality Europe, Eagle Hills is advancing a portfolio of more than 30 luxury hospitality assets, both operational and underway with a strategic presence along the Adriatic coast, particularly across Croatia and Albania. A key milestone in this growth is the newly restored Bristol Hotel in Belgrade, Serbia – an architectural landmark revived as a timeless luxury destination within the Belgrade Waterfront. The company's expansion into Italy reinforces a natural progression of Eagle Hills' commitment to preserving heritage, connecting communities and creating exceptional investment program also reflects a strong vote of confidence in Italy's political stability and economic development, particularly in the hotel and tourism sector. It follows the official visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan in February 2025 and highlights the deepening of collaborative ties between Italy and the United Arab COIMA ESG City Impact Fund is focused on urban regeneration and on the sustainable reuse of existing buildings, delivering positive social and environmental impact. Projects backed by the fund include the regeneration of the Porta Romana Railway Yard in partnership with Prada Holding and Covivio, as well as the 2026 Winter Olympics Athletes' Village in Porta Romana, in partnership with Cassa Depositi e Prestiti and Intesa Sanpaolo, which will become Italy's largest purpose-built student accommodation development after the Marchetti, entrepreneur in the sustainability sector and founder of YOOX Net-A-Porter Group, participates to the COIMA Des Bains Fund with a minority stake through its investment company and Eagle Hills will also consider opening the Fund to other institutional and professional investors, with the goal of supporting the regeneration of the Lido di Venezia, home to the Venice Film deal sees COIMA Des Bains Fund acquiring the loan with a nominal value of €54m held against the hotel, from Intesa Sanpaolo and Altea SPV, a securitization vehicle which bought the tranche of debt originally held by UniCredit and whose noteholder is CRC (Christofferson, Robb & Company) with Prelios Credit Servicing covering the role of debt agreement unlocks COIMA's plans to invest circa €200m in the complete restoration and modernisation of the hotel, bringing what was once a monument to Venice's Belle Époque splendour back to life. Under the plans, the hotel - which has remained closed for over 15 years - will be sensitively restored, renovated and returned to use as a modern high end resort hotel. The plans will also see the improvements to the park and public realm surrounding the iconic building, as well as restoration and modernisation of the beach front, which is already underway. The partners will now engage with Venice's public institutions to agree on the restoration Grand Hôtel des Bains opened in 1900 with 180 rooms and was conceived as a luxurious seaside retreat to attract Europe's elite. Celebrated for its grandeur, the hotel became a symbol of modernity and opulence, and gained literary fame when Thomas Mann stayed there in 1911, inspiring his novella Death in Venice, which was later adapted into a film shot on-site in the decades, it hosted aristocrats, artists, and celebrities, especially during the Venice Film Festival when it was a favoured destination for film stars. However, the hotel has been closed since 2010 when the previous owner, Est Capital, abandoned plans to transform the historic building into luxury Alabbar, Chairman and founder of Eagle Hills, said: 'This is more than a restoration – it is a revival of European legacy through modern excellence. Venice has always been a bridge between worlds, and we are proud to be part of its future, bringing our experience in luxury hospitality to one of the most symbolic hotels on the continent.' Manfredi Catella, COIMA founder and CEO, said: 'This first partnership with Eagle Hills, following an extensive exploration of investment opportunities, represents an important step forward and a meaningful sign of the strengthening relationship between Italy and the United Arab Emirates, following the meeting between Italy's Prime Minister Giorgia Meloni and His Highness Sheikh Mohamed bin Zayed Al Nahyan. 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 promptly begin working with Venice's public institutions to put a programme in place that restores the Des Bains to its rightful place on back on the global tourism map.'
