Principal Real Estate has acquired a stake in the Rome Cavour Hotel through a Separate Account Mandate.
The real estate investment arm of Principal Asset Management partnered with GWM's IRESS II fund to secure the deal.
The large site consists of six adjoining buildings (around 10,650 m²) surrounding a central garden. It is centrally located near iconic Rome landmarks like the Forum and Colosseum, both within walking distance.
Hugo Steen, head of Fund Investments– Hotel & Leisure Division at Principal Real Estate, said: ‘This acquisition is a prime example of where we see value in today’s hotel market in Europe, with the potential to transform an incredibly well located asset into a fantastic new destination within Rome.’
Matteo Cidonio, partner at GWM and senior advisor to the IRESS fund, added: ‘We are thrilled to enter into a partnership with Principal Real Estate on such an iconic redevelopment which will bring back to life such an iconic building in the most thriving and exciting area of Rome. We believe that the combined expertise of Principal and GWM will provide the most value to the project.’
The plan is to fully redevelop the site and convert the buildings into a luxurious hotel, featuring innovative design, dining and beverage options, a rooftop bar, and landscaped gardens.
