Castello, an asset management company focused on the hospitality sector and part of the ANIMA Group, has completed the purchase of a real estate complex in Poltu Quatu, Sardinia, for €70 mln.
The transaction has been completed on behalf of its newly established Gem Fund, which counts institutional investors and family offices among primary investors.
In a statement, the new owner said the entire real estate complex, which currently consists of a 139-room hotel and over 100 residential units, was in line for a complete makeover.
Poltu Quatu is known as an exclusive Sardinian enclave surrounded by nature.
The project will now form the latest part of Castello's €1 bn hospitality platform stretching to 32 assets and more than 4,000 rooms.
The idea is to manufacture one of the most iconic 5 star lifestyle hotels in Northern Sardinia.
Marriott, the hotel operator, will run the asset under its "W Hotel" brand already present in Italy in Rome and soon also in Milan, Florence and Naples.
'The transaction takes place in a context of great attention to the Sardinia Region by international luxury brands, as evidenced by numerous recent hotel acquisitions,' said Giampiero Schiavo, CEO of Castello.
The Pulcini family originally founded and invested in the village of Poltu Quatu.
The acquisition and redevelopment works were financed by an entirely Italian pool of banks consisting of Intesa Sanpaolo, UniCredit and Banco BPM.
