Coima and the Emirates of Eagle Hills relaunch the Hotel des Bains in Venice

An agreement has been finalised between Coima Sgr (a real estate asset development and management company) and a pool of credit institutions for the purchase of 100% of the historic Grand Hotel des Bains's outstanding debt, paving the way for the complete restoration of the iconic hotel on the Venice Lido.
The renovation and modernisation project of the Hotel des Bains will be financed throughCoima Des Bains Fund - a new investment vehicle jointly owned by Coima Esg City Impact Fund (Italy's largest national urban regeneration fund, participated by institutional investors including Cassa Forense, Enpam, Inarcassa, Cassa dei Commercialisti, Intesa Sanpaolo, Compagnia di San Paolo, Fondazione Padova e Rovigo, Fondo Pensione Monte dei Paschi di Siena and Fideuram Vita - and by Eagle Hills, a real estate development and investment company based in Abu Dhabi, led by Mohamed Alabbar, chairman and founder of Emaar.

Built on the Lido in Art Nouveau style, Thomas Mann stayed here, who was inspired by it for 'Death in Venice' and Luchino Visconti shot some scenes of the film of the same name here. But it also hosted both Mussolini and Hitler. Closed since 2009, it has experienced troubled years with restoration plans that have never seen the light of day. Coima became its owner ten years ago, in 2015. The pandemic then helped put a brake on any plans.

The transaction provides for the acquisition by Coima Des Bains Fund of the credit facility with a nominal value of 54 million euro guaranteed by the hotel, Intesa Sanpaolo and Altea SPV, the latter becoming the owner of the debt tranche originally granted by UniCredit and owned by Christofferson, Robb & Company, with Prelios Credit Servicing as servicer. The agreement will enable the activation of a EUR 200 million investment for the complete restoration and modernisation of the hotel, bringing back to life a monument to the splendour of the Venetian Belle Époque. The hotel will be returned to use as a high-end resort. The project also includes the improvement of the park and public spaces surrounding the building, as well as the revitalisation, already underway, of the beach in front of it. The promoters will promptly share the programme with Venetian public institutions to establish the necessary basis for the recovery of the property, which has been closed for more than 15 years.

Coima Esg City Impact Fund is a fund focused on urban regeneration, whose projects include the redevelopment of the Porta Romana railway yard in Milan, in partnership with Prada Holding and Covivio, and the 2026 Milan Olympic Village, realised in collaboration with Cassa Depositi e Prestiti and Intesa Sanpaolo. Federico Marchetti, entrepreneur in the sustainability sector and founder of Yoox Net-A-Porter Group, participates in the operation with a minority stake through his investment company Mavis.
Coima and Eagle Hills will also evaluate the opening of Coima Des Bains Fund to other institutional and professional investors, with the aim of contributing to the redevelopment of the Venice Lido.

"More than a restoration," said Mohamed Alabbar, president and founder of Eagle Hills, "the redevelopment of the Grand Hotel des Bains is a rebirth of European heritage through modern excellence. Venice has always been a bridge between worlds and we are proud to be part of its future, bringing our expertise in luxury hospitality to one of the most symbolic hotels on the continent'.