Iconic Grand Hôtel des Bains in Venice to Be Revived as Modern Resort Through €200 M Investment Programme
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 Venezia.
The 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 Dhabi.
Grand 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
The 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 servicer.
The 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.