Principal Real Estate, the dedicated real estate investment team of Principal Asset Management, has partnered with GWM’s Italian Real Estate Special Situations (IRESS) II fund, through the acquisition of a stake in the Rome Cavour Hotel complex on behalf of a Separate Account Mandate. The complex, situated in the centre of the city, is attractively located close to iconic tourist attractions, including the Forum and the Colosseum, which are within 500m of the property.
Over the course of the last decade, Rome has been amongst the most visited cities in Europe given its unique cultural sites and importance as a business, political and city break destination. This is a unique opportunity to acquire a large, centrally located, mixed-use site with strong development potential. The site consists of 6 adjoining buildings (approx. 10,650 sqm) surrounding a central garden perfectly situated for repositioning into a hotel.
“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 & 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, commented “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 vision is to fully redevelop the site and convert the buildings to hotel use, operated as a luxury lifestyle destination with bold innovative design, exceptional food and beverage facilities, a rooftop bar, and landscaped gardens.
