Italy: Principal Real Estate, the investment team of Principal Asset Management, has partnered with GWM’s Italian Real Estate Special Situations (IRESS) II fund, to acquire a stake in the Rome Cavour Hotel complex on behalf of a separate account mandate.
The site consists of six adjoining buildings (approximately 10,650-square-metres) surrounding a central garden.
Redevelopment plans include converting the buildings to hotel use. It will be operated as a luxury lifestyle destination with food and beverage facilities, a rooftop bar, and landscaped gardens.
“We are delighted to have acquired this exciting project for our client, right in the centre of one of Europe’s premier destination cities,” said Hugo Steen, head of fund investments – hotel and leisure division at Principal Real Estate. “This acquisition is a prime example of where we see value in today’s hotel market in Europe, with the potential to transform an incredibly well located asset into a fantastic new destination within Rome. We look forward to embarking on this new chapter in Principal’s extensive history in European hotel real estate investment.”
Matteo Cidonio, partner at GWM and senior advisor to the IRESS fund, added: “We are thrilled to enter into a partnership with Principal Real Estate on such an iconic redevelopment which will bring back to life such an iconic building in the most thriving and exciting area of Rome. We believe that the combined expertise of Principal and GWM will provide the most value to the project.”
The GWM Group was founded in 2000 as a wealth manager/multifamily office. Currently, GWM is focused exclusively on European alternative investments for institutional clients. As of April 2024. GWM and its affiliates advise and/or manage investments in real estate worth approximately USD$1.8 billion.
The real estate investment team at Principal Asset Management oversees or sub-advises $98.8 billion in commercial real estate assets. The hotel and leisure fund division is a specialist team within Principal Real Estate Europe, led by Steen and Graeme McCormack.
Appeared first on: boutiquehotelnews.com