The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
The five-star luxury hotel with 45 rooms, renowned as one of the most prestigious in Tuscany, was previously owned by Luxury Hotel Development.
The deal, valued at €40 mln, also includes the Lido Remo beach. This acquisition marks the end of Russia’s Luxury Hotel Development's venture into the Italian hotel market. The Spanish company, Panoram Hotel Management, had previously managed the hotel.
Located just 200 metres from the sea, the Grand Hotel Imperiale offers a range of amenities, including a relaxation area, spa, fitness facilities, sauna, Turkish bath, outdoor pool, and covered parking.
The driving force behind the acquisition is Mohamed Ali Alabbar, a prominent UAE businessman and founder of Eagle Hills and Nshama, two nvestment companies based in Abu Dhabi.
According to Italian media reports, the new owner intends to make minor changes to the hotel to prepare for the upcoming season. In the future, Emaar Properties plans to undertake a more extensive renovation project to modernize the suites.
This acquisition reflects the growing interest of foreign investors in the Tuscan Riviera, particularly among wealthy individuals from the Middle East.
