Grand Hôtel des Bains poise for €200 Million Restoration
Deal News | Jun 16, 2025 | COIMA SGR SpA
COIMA SGR, alongside Eagle Hills, has finalized an agreement to acquire 100% of the debt on the historic Grand Hôtel des Bains in Venice, unlocking €200 million for its comprehensive restoration. This endeavor, financed through the COIMA Des Bains Fund, taps into the COIMA ESG City Impact Fund—the largest national urban regeneration fund in Italy—and aims to revive Venice's architectural gem on the Lido di Venezia. Eagle Hills, with its growing European luxury hotel portfolio, partners with COIMA in this strategic entry into Italy's market. The ongoing project reflects confidence in Italy's political and economic stability, with intentions to open the fund to other institutional investors. The Grand Hôtel des Bains, a cultural icon closed since 2010, will undergo significant renovation to re-emerge as a modern luxury destination, with COIMA and Eagle Hills collaborating with Venice's public institutions to finalize a detailed restoration program.
Sectors
- Real Estate
- Hospitality and Tourism
- Investment Management
Geography
- Italy – The Grand Hôtel des Bains is located on the Lido di Venezia, and the restoration project involves significant Italian entities and stakeholders.
- United Arab Emirates – Eagle Hills, a real estate development company based in Abu Dhabi, is a key partner in the restoration project.
Industry
- Real Estate – The article discusses the acquisition and restoration of a historic hotel property, a significant real estate development project.
- Hospitality and Tourism – The focus on reviving the Grand Hôtel des Bains into a luxury hotel destination highlights the relevance to the hospitality and tourism sector.
- Investment Management – The formation and utilization of the COIMA Des Bains Fund for this project involves investment management activities.
Financials
- €200 million – The amount planned for the restoration and modernization of the Grand Hôtel des Bains.
- €54 million – The nominal value of the loan acquired against the hotel.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Grand Hôtel des Bains | Target company | Company | The historic hotel property in Venice subject to a significant restoration project. |
| COIMA SGR SpA | Bidding companybuyer | Company | An investment firm leading the acquisition and restoration of the Grand Hôtel des Bains. |
| Eagle Hills | Investment Partner | Company | A real estate development and investment company partnering in the project. |
| Intesa Sanpaolo | Lender | Company | One of the lenders holding the debt of the Grand Hôtel des Bains. |
| Altea SPV | Lender | Company | A securitization vehicle that bought a tranche of debt originally held by UniCredit. |
| CRC (Christofferson, Robb & Company) | Noteholder | Company | The noteholder of the debt tranche held by Altea SPV. |
| Prelios Credit Servicing | Credit servicer | Company | The entity responsible for servicing the hotel's debt. |