Principal Real Estate has acquired a stake in a Rome hotel complex in partnership with GWM Group’s Italian Real Estate Special Situations (IRESS) II fund.
The investment in Rome Cavour Hotel was made on behalf of a separate account mandate.
The complex is situated in the centre of the city, close to tourist attractions including the Forum and the Colosseum.
The site consists of six adjoining buildings, encompassing approximately 10,650sqm of space.
“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 adviser to the IRESS fund, said: “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.”
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