Emaar Properties, a firm Mohamed Ali Alabbar, paid 40 million euros for acquiring Grand Hotel Imperiale di Forte dei Marmi from Russian family office Luxury Hotel Development Group that in 2021reportedly purchased the asset for 35 million and investd 5 million for renovating Remo Beach (see here a previous post by BeBeez). Grand Hotel Imperiale, a five stars facility, has 46 rooms and a turnover of 7.8 million, an ebitda of 1.6 million and net cash of 0.399 million. Earlier in February, Ali Alabbar and Coima launched Gaia, an even partnership for developing luxury real estate projects in Italy.
Ardian and Rockfield, a student housing investor, acquired from CDS Holding a LEED Gold six-floors real estate asset with 404 rooms based in Florence (see here a previous post by BeBeez). In 2021, the vendor invested 45 million euros for acquiring the land on which the property stands. Juan Acosta, partner and cio of Rockfield, said that the firm may carry on further deals in Italy. CBRE Investment Management reportedly supported Ardian and Rockfield with an initial commitment in the region of 800 million for the development of high-end students houses in Italy, The Netherlands, Spain, Portugal, Germany, and France. Savills acted as commercial advisor. Ardian and Rockfield retained Ashurst, Fivers, PedersoliGattai, and YardReaas. Rodolfo Petrosino is Ardian’s head of real estate southern Europe while Matteo Minardi is the fund’s head of real estate Italy.
BLG Capital, a Turkish asset manager, aims to invest in the development of luxury real estate projects in Italy, chairman Serdar Bilgili reportedly said pointing out that Milan’s hotel are of interest (see here a previous post by BeBeez). The projects would become part of the portfolio of a new Mediterranean-focused hospitality fund, which could also include assets in Greece and Turkey, Bilgili said.
Milan’s Sheraton Diana Majestic, a hotel that Marriott International is managing, may close in September 2025, press reports said (see here a previous post by BeBeez). Sources said to BeBeez that Marriott did not renew the contract for the hotel management with Diana which belongs to the Rivolta Family (56.33%), the Ferraguti Family (20.76%) and the Sala Family (19.38%) and has sales of 4.7 million euros, an ebitda of 4 million, net profits of 1.2 million, equity of 28.5 million, and a net debt of below 0.09 million.
