Global investment firm King Street Capital Management is reportedly the new owner of the historic Bauer hotel in Venice.
According to several Italian press reports, the asset was sold by the debt-laden Austrian group Signa which filed for insolvency in late 2023
The hotel is closed to guests due to renovation works which have however been halted since the previous owner filed for administration in December. Signa's plans for the asset included the creation of 110 luxury rooms and suites by 2025 with a luxury shopping arcade on the ground floor.
Rosewood Hotels & Resorts was appointed to manage the asset which would have had a value of around €400 mln in addition to a €200 mln shopping arcade.
First opened in 1880, the asset is situated in the city's historic San Marco district, between the Grand Canal and Piazza San Marco. Signa bought the asset in 2020 from the Elliott fund which on its turn had taken full control of the asset a year earlier in a deal valued at €400 mln.
