American real estate investor Tom Barrack, through his vehicle Sardegna Resorts, is investing EUR 410 mln in the Porto Cervo regeneration project, situated in the luxury resort destination on Sardinia's Costa Smeralda. The real estate tycoon plans to develop a new five-star hotel, as well as add 70 luxury suits to his four five-star Starwood Hotels in the city. The project includes a new leisure and fitness centre, Italian newspaper La Stampa reported.
American real estate investor Tom Barrack, through his vehicle Sardegna Resorts, is investing EUR 410 mln in the Porto Cervo regeneration project, situated in the luxury resort destination on Sardinia's Costa Smeralda. The real estate tycoon plans to develop a new five-star hotel, as well as add 70 luxury suits to his four five-star Starwood Hotels in the city. The project includes a new leisure and fitness centre, Italian newspaper La Stampa reported.
Tom Barrack, the founder of Los Angeles-based Colony Capital, bought the four hotels from Starwood Hotels & Resorts in 2003. The deal included the Hotel Cala di Volpe, Hotel Pitrizza, Hotel Romazzino, and Cervo Hotel & Conference Center; the Porto Cervo Marina and Shipyard; the Pevero Golf Club; a 51% stake in nearly 6,000 acres of undeveloped oceanfront land; and some additional office, retail and storage facilities.
Founded in 1991, Colony Capital is a private, international investment firm focusing primarily on real estate-related assets.