Coima and Abu Dhabi developer to invest €200m in iconic Venice hotel

Italian institutional investors and an Abu Dhabi real estate developer are to invest €200m to restore an iconic hotel in Venice after acquiring its debt.

Italian real estate fund manager Coima said it had reached a deal with the lenders over the legacy debt attached to Grand Hôtel des Bains, a famous hotel on the Lido di Venezia that has been closed for more than 15 years.

A €200m restoration project will be undertaken with funding from COIMA Des Bains Fund, a vehicle jointly backed by Coima ESG City Impact Fund and developer Eagle Hills.

Investors in the Coima ESG City Impact include Italian pension funds: Cassa Forense, the pension fund for lawyers; Inarcassa, the pension fund for architects; Cassa Commercialisti, a pension fund for chartered accountants; and Enpam, the pension fund for doctors.

Eagle Hills is a real estate development and investment company based in Abu Dhabi, led by Mohamed Alabbar, chairman and founder of Emaar.

The investment marks an entry into the Italian market for Eagle Hills, which has a portfolio of more than 30 operational and developing luxury hospitality assets across Europe, including along the Adriatic coast in Croatia and Albania.

Federico Marchetti, an entrepreneur and founder of YOOX Net-A-Porter Group, also holds a minority stake in the COIMA Des Bains Fund through his investment company, Mavis.

The Coima Des Bains Fund, backed by the Coima ESG City Impact Fund, is acquiring the €54m loan associated with the hotel. The debt was originally with Intesa Sanpaolo and also involved Altea SPV, a company that bought a portion of the debt from UniCredit.

Christofferson, Robb & Company is the noteholder for that portion, with Prelios Credit Servicing managing it.

Coima and Eagle Hills will also explore the possibility of bringing in other investors to the fund, with a plan to support the regeneration of the Lido di Venezia, home to the Venice Film Festival.

Mohamed Alabbar, Chairman and founder of Eagle Hills, 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: “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.”

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