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Grand Hôtel des Bains to undergo €200 million restoration

  • Claudia Schergna
  • 17 June 2025
  • 2 minute read
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This article was written by Boutique Hotel News. Click here to read the original article

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Reading Time: 2 minutes

Italy: Real estate asset management firm COIMA SGR will acquire €54  million (£45.6 million) in existing debt on the historic Grand Hôtel des Bains in Lido di Venezia, with plans to restore the site following more than 15 years of closure.

COIMA plans to invest approximately €200 million (£172 million) to fully restore and modernise the property.

The funds will be channelled through the COIMA Des Bains Fund, supported by COIMA’s ESG City Impact Fund, and Eagle Hills – a real estate development and investment company based in Abu Dhabi.

The COIMA ESG City Impact Fund includes several institutional investors, including Cassa Forense, ENPAM, Inarcassa, Cassa dei Commercialisti, Intesa Sanpaolo, Compagnia di San Paolo, Fondazione Padova e Rovigo, Fondo Pensione Monte dei Paschi di Siena, and Fideuram Vita.

The Grand Hôtel des Bains originally opened in 1900 with 180 rooms. It gained literary fame when German novelist Thomas Mann stayed there in 1911, inspiring his novella Death in Venice which was later adapted into a film shot on-site in 1971.

The hotel closed in 2010 when previous owner Est Capital abandoned plans to transform the building into luxury apartments.

Under new plans, the hotel will be restored, renovated and returned to use as a modern high-end resort hotel. Work includes improvements to the park and public realm surrounding the building, as well as restoration and modernisation of the beach front, which is already underway.

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The project marks Eagle Hills’s entry into the Italian market following its expansion across Europe, notably along the Adriatic coast. The group manages a global luxury hospitality portfolio of over 90 properties under the leadership of Mohamed Alabbar, founder of both Eagle Hills and Emaar Properties.

Eagle Hills alone owns and operates more than 35 luxury hotels with a presence in over 12 countries. 

COIMA and Eagle Hills will now engage with Venice’s municipal authorities on the final restoration phases.

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.”

Manfredi Catella, COIMA founder and CEO, said: “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.”

Highlights:

• COIMA and Eagle Hills have finalised a deal with lenders to acquire €54 million in debt tied to the Grand Hôtel des Bains.

• Approximately €200 million (£172 million) will be invested into the historic Venice hotel to restore its use as a high-end resort, which has sat closed since 2010.

• Funding will be provided through the COIMA Des Bains Fund, backed by Italian institutional investors and Eagle Hills.

• The hotel originally opened in 1900 and inspired Thomas Mann’s novella Death in Venice.

Please click here to access the full original article.

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