Lithuanian investor Apex Alliance has acquired Grand Hotel Gardone, a historic property on Italy's Lake Garda.
Financial details were not disclosed, but the group said it would invest €45 mln into refurbishing the property next year. In the meantime, the hotel will welcome guests from June 2023 for the current summer season, running through until autumn of this year.
The deal was concluded with the participation of Romanian investor and partner Paval Holding.
Apex Alliance Hotel Management has been announced as the official hotel operator.
'The acquisition of Grand Hotel Gardone, together with solid partner and investor Paval Holding, is a momentous event for our company,' said Vytautas Drumelis, partner of Apex Alliance.
He added: 'Alongside the Hampton by Hilton hotel under construction in Venice, this marks our second hotel development in Italy.
'Following the planned reconstruction and conversion of the hotel into a prestigious 5-star international brand establishment, this destination will transform into a flagship hotel in the region.
'We intend to preserve the invaluable heritage of the place while introducing luxurious indulgence that offers high-end services, enhanced facilities, and breath-taking views of Lake Garda, which are highly favoured by both foreign guests and Italians alike.'
Apex said it had already reached a deal with an international brand for the future 5 star.
This follows the successful transformation of other prime historical landmarks into luxury hotels by Apex Alliance, such as The Marmorosch Bucharest, Autograph Collection, built in Romania in the former headquarters of a historical local bank.
Apex Alliance Hotel Management now manages 15 hotels across Europe under renowned global brands like Hilton, Marriott, and Radisson.
Ernst & Young and KPMG Italy & Romania provided consultancy services for the transaction.
