Prodea Investments and Invel Real Estate have acquired a €49m hotel in Italy to redevelop into a five-star luxury hotel.

Prodea will own 75% of Hotel Bellevue Cortina d’Ampezzo and Invel’s Eudora Fund LP fund will hold a 25% stake in the asset which is expected to be refurbished in time for the 2026 Winter Olympic Games.

Prodea and Invel intend to undertake a €25m refurbishment of the six-storey building in Cortina, which is currently used as a hotel and a residential asset.

Chris Papachristophorou, managing partner and founder of Invel Real Estate, said: “This acquisition is a strong endorsement of our local knowledge and network, enabling us to source unique assets and create value.

“Our interest in the hospitality sector remains strong for Greece, Cyprus and Italy, where Prodea and Invel have a strong investment focus, and we now have a remarkable opportunity to develop a new luxury hotel in the heart of Cortina d’Ampezzo, ahead of the Winter Olympics 2026.”

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