The Bauer Hotel in Venice passes for 300 million to Mohari and Omnam

With Italy in its sights, the hospitality group Mohari, in partnership with Omnam group, has won the Bauer hotel in Venice in recent hours. In the hospitality sector, it is currently the largest single-asset transaction in monetary terms in 2024.
Mohari, which was founded in 2017 by entrepreneur Mark Scheinberg, had won the exclusive deal a few months ago as part of the selected invitation-only tender that financial advisor Eastdil Secured had set up on behalf of King Street, an American group that owns 100 per cent of the luxury hotel on the Grand Canal in the Sestiere San Marco, which opened in 1880.
King Street's team took over the Bauer from Signa as part of the profound financial restructuring that affected the Austrian group due to its high indebtedness.
As an opportunistic and financial investor, and not a long-term owner, King Street immediately decided to evaluate a possible exit through a tender process.

The transaction closed for a countervalue of around EUR 300 million, to which must be added approximately EUR 150 million in investments to refurbish the hotel's 120 rooms and 20 adjoining residences, as well as the important commercial plaza located at the base of the building. Kryalos acted as strategic advisor to Mohari Hospitality and Omnam Investment Group in the acquisition, and will maintain this role also in the management and valorisation phase, particularly with regard to the high-street commercial units that overlook Campo San Moisè, along the route of Venice's main luxury brands. The structure will instead be managed by Rosewood, with whom a contract had already been signed.

Returning to Scheinberg, the entrepreneur previously founded the online poker company PokerStars, only to sell it in 2014 and concentrate on the real estate and hospitality world.

In the real estate portfolio of Mohari, which recently acquired 30 per cent of Omnam group, there are facilities such as the Four Seasons in Madrid, two hotels in Costa Rica, the Toronto hotel in the Canadian city of the same name. And also the Waldorf Astoria in Miami, the Four Seasons residences in Washington, and the Six Senses Napa in California.

In Italy, the group is active with several projects. In Apulia, it will develop the region's first resort under the brand name Four Seasons. This is Costa Merlata, which will be transformed into a five-star luxury resort near the historical centre of Ostuni, with 150 rooms and 29 branded residences, residences designed and managed by the hotel. Also in partnership with Omnam, Mohari will open the first Baccarat hotel in Italy, in Florence in the Villa Camerata.