Hospitality real estate group PPHE said on Thursday that it has completed the acquisition of the four-star Londra & Cargill Hotel in a prime central location in the city of Rome for €34.5 mln.
The acquisition marks the group’s entry into the Italian market.
PPHE plans to reposition the property to an upper upscale lifestyle hotel, with the asset expected to be relaunched in early 2023.
The Londra & Cargill Hotel is steeped in history dating back to the early 1900’s and is located in central Rome just minutes from Via Vittorio Veneto, a short walk from Piazza di Spagna and the Spanish Steps, Villa Borghese Gardens and Rome’s central station. The hotel currently offers 101 rooms and suites, a restaurant, bar, meeting facilities and private parking.
The transaction has been structured as a share sale of the company which owns the freehold hotel and its operations from certain members of the De Romanis family.
The acquisition has been funded from the group’s excess cash position which will be partly refinanced with external bank debt in due course.
Boris Ivesha, president & CEO of PPHE Hotel Group, commented: ‘We are thrilled to acquire this hotel in the centre of Rome, which will mark our entry into the Italian market and adds another key capital city to our growing portfolio of hotels.’
