COIMA, Eagle Hills partner to unlock €200m restoration of iconic Venice hotel
MILAN (WAM) COIMA SGR, a leading Italian real estate investment and asset manager, has finalised an agreement to acquire 100 percent 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.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 over 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 His Highness 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 €54 million 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 €200 million 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 underway.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.Chairman and founder of Eagle Hills, Mohamed Alabbar, 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.'
COIMA founder and CEO, Manfredi Catella, added, '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.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
34 minutes ago
- Al Etihad
UAE ranks first for AI talent density in Middle East: Report
30 July 2025 00:52 MAYS IBRAHIM (ABU DHABI)The UAE has been ranked as the top country in the Middle East and 16th worldwide for AI talent density, according to the Global AI Competitiveness Index Report issued by the International Finance Forum (IFF).The report identified the UAE and Saudi Arabia (19th) as the primary drivers of AI development in the Middle East with global AI talent shares of 0.7% and 0.4%, world currently has about three million AI talents – of which technical research and development experts account for 32.6%, according to the one-third of global AI talents are in the US, while China ranks second with a proportion of 24.4%.The report predicted that the world would see a growth of over 2.8 million people in global AI talent by 2030, marking a 100% increase in just five years.'AI talent may grow even faster in the coming years due to the high demand for talent by companies and research institutes,' it report also revealed that the industry has extremely high academic requirements, as over 88% of global AI talents hold a master's degree or 18.1% of individuals in the industry hold a doctoral degree; 1.4% have postdoctoral work experience; and 10.3% have a bachelor's than 34% of AI talents majored in computer science, and over 10% of them graduated in information technology, electrical engineering, computer engineering, and information to Coursera's 2025 Global Skills Report, issued in June, the UAE is positioning itself for a tech-driven future, with 87% of employers prioritising technological literacy, AI, and big report also revealed that 13% of the UAE's labour force is actively training on Coursera, with GenAI enrolments surging 344% year over year, outpacing regional UAE's leadership is investing heavily in AI human capital as a cornerstone of its future knowledge-based this year, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced that AI would be introduced as a subject across all stages of government education in the UAE, starting the next academic 2024, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, launched the 'One Million Prompters' initiative, aiming to upskill one million people in prompt engineering over the next three institutions like the Mohamed bin Zayed University of Artificial Intelligence and the Technology Innovation Institute (TII) are also playing pivotal roles in cultivating the next generation of AI talent. According to PwC, AI is expected to add $15.7 trillion to the global economy by 2030, with $96 billion of that impact in the UAE alone. Source: Aletihad - Abu Dhabi
Zawya
2 hours ago
- Zawya
Eritrea: President Isaias Afwerki Meets with High-Level Italian Delegation
President Isaias Afwerki met, at Denden Guest House in mid-afternoon hours today, the Italian delegation led Mr. Francesco Lollobrigida, Minister of Agriculture, Food Sovereignty and Forests; and Mr. Edmondo Cirielli, Deputy Minister of Foreign Affairs and International Cooperation. The extensive discussions centered on enhancement of bilateral ties and partnership as part and parcel and continuation of the concrete areas of cooperation on various sectors that had been reached between President Isaias Afwerki and Prime Minister Giorgia Meloni in Italy in February 2024 last year. The broad areas of cooperation include the sectors of energy, mining; physical infrastructure; manufacturing; Agriculture, Marine Resources, Tourism, Culture and Sports, Human capital development, economic cooperation and finance. The two sides also discussed regional peace, security and stability. A Comprehensive Plan of Action on Bilateral Cooperation Between the State of Eritrea and the Italian Republic (as specified above) was signed after the meeting by Mr. Nesredin Mohamed, Eritrea's Minister of Trade and Industry; and Mr. Edmondo Cirielli, Italy's Deputy Minister of Foreign Affairs and International Cooperation. The two sides further agreed to hold continuous meetings in Eritrea and Italy in the period ahead to monitor and expedite the implementation of the Cooperation Agreement. In a brief statement to the Eritrean News Agency, Minister Francesco Lollobrigida underlined that the progress achieved today reflects the initial tangible step in the efforts that have been exerted in Asmara and Rome to enhance bilateral cooperation. The meeting was attended by Mr. Hagos Gebrehiwet, Head of Economic Affairs of the PFDJ, and Mr. Alfonso Di Riso, Ambassador of Italy to Eritrea. Distributed by APO Group on behalf of Ministry of Information, Eritrea.
Gulf Today
3 hours ago
- Gulf Today
Trump sets new deadline of 10 or 12 days for Russia to act on Ukraine
US President Donald Trump set a new deadline on Monday of 10 or 12 days for Russia to make progress toward ending the war in Ukraine or face consequences, underscoring frustration with Russian President Vladimir Putin for the 3-1/2-year-old conflict. Trump has threatened both sanctions on Russia and buyers of its exports unless progress is made. The fresh deadline suggests the US president is prepared to move forward on those threats after previous hesitation to do so. Speaking in Scotland, where he is holding meetings with European leaders and playing golf, Trump said he was disappointed in Putin and shortening a 50-day deadline he had set on the issue earlier this month. "I'm going to make a new deadline of about ... 10 or 12 days from today," Trump told reporters during a meeting with British Prime Minister Keir Starmer. "There's no reason in waiting... We just don't see any progress being made." There was no immediate comment from the Kremlin. In a post on X, former Russian president Dmitry Medvedev, a close ally of Putin, said Trump was playing "a game of ultimatums" that could lead to a war involving the US. People hold placards as they attend a memorial event to mark the third anniversary of the Olenivka prison attack, at Independence Square in Kyiv. AFP Medvedev wrote: "Each new ultimatum is a threat and a step towards war. Not between Russia and Ukraine, but with (Trump's) own country." Ukraine welcomed Trump's statement. Andriy Yermak, President Volodymyr Zelenskiy's chief of staff, thanked Trump in a social media post for "standing firm and delivering a clear message of peace through strength." Trump, who has expressed annoyance also with Zelenskiy, has not always followed tough talk about Putin with action, citing what he deems a good relationship that the two men have had previously. Donald Trump Jr and his partner Bettina Anderson, right, stand on the tarmac as Donald Trump and Keir Starmer prepare to board Marine One. AP On Monday, Trump indicated he was not interested in more talks with Putin. He said sanctions and tariffs would be used as penalties for Moscow if it did not meet Trump's demands. "There's no reason to wait. If you know what the answer is going to be, why wait? And it would be sanctions and maybe tariffs, secondary tariffs," Trump said. "I don't want to do that to Russia. I love the Russian people." Ukraine had proposed a summit between Putin and Zelenskiy before the end of August, but the Kremlin has said that timeline was unlikely and that a meeting could only happen as a final step to clinch peace. Russia's foreign ministry said on Saturday that if the West wanted real peace with Ukraine, it would stop supplying Kyiv with weapons. Trump has repeatedly voiced exasperation with Putin for pursuing attacks on Ukraine despite US efforts to end the war. Trump has played up successes in other parts of the world where the United States has helped to broker peace agreements and has been flattered by some leaders who suggest he should be given the Nobel Peace Prize. "I'm disappointed in President Putin," Trump said on Monday. "I'm going to reduce that 50 days that I gave him to a lesser number because I think I already know the answer what's going to happen." Trump, who is also struggling to achieve a peace deal in Gaza, has touted his role in ending conflicts between India and Pakistan as well as Rwanda and Congo. Before returning to the White House in January, Trump campaigned on a promise to end Russia's conflict with Ukraine in a day. "We thought we had that settled numerous times, and then President Putin goes out and starts launching rockets into some city like Kyiv and kills a lot of people in a nursing home or whatever," Trump said. "And I say that's not the way to do it." Reuters
