Estcapital to renovate Venice hotels

Italian fund manager EstCapital is teaming up with hotel group Four Seasons Hotels & Resorts to redevelop the historic Excelsior and Des Bains hotels on Venice's Lido island.

The Excelsior and Des Bains hotels were constructed in the early 1900s and both have played an important part in securing Lido's glamorous reputation. The Excelsior and Des Bains hotels will operate independently until the completion of an extensive redevelopment, which will culminate in the launch of the Four Seasons Hotel Venice at Lido, featuring approximately 160 rooms and suites.

'The revitalisation of these celebrated hotels on Lido is part of a larger commitment by EstCapital to enhance and rejuvenate the island, making it again, the premier beach destination in Italy,' said Gianfranco Mossetto, Chairman, EstCapital.

Four Seasons currently operates two properties in Italy: the Four Seasons Hotel Milano and the recently opened Four Seasons Hotel Firenze.

In November last year the group completed the sale of the Venice hotels and an additional property in Asolo to Italian Est Capital for EUR 150 mln. Jones Lang LaSalle Hotels advised the seller.

EstCapital was established four years ago by Gianfranco Mossetto and Federico Tosato. The company, headed by Tosato, specialises in the establishment and management of closed-end property funds reserved to institutional and qualified private investors. With inflows of over EUR 500 mln, the firm has investment capacity of more than EUR 1.25 bn and manages eight funds.