Mohamed Alabbar acquires Antognolla Castle

The Italian real estate market in the high-end hotel sector continues to register transactions involving international investors. In the last few days, Arab magnate Mohamed Alabbar, founder of Abu Dhabi-based real estate development company Eagle Hills Properties, has acquired the Castello di Antognolla complex, a historic estate located in the heart of Umbria, for an estimated value of between 40 and 50 million euro.

The asset was sold by Andrey Yakunin, a Russian entrepreneur active in the European tourism sector. The transaction was conducted through Eagle Hills and represents a strategic investment in the luxury resort and branded residences segment. Eagle Hills has already made investments in Italy and is working with Coima on the restoration of the Des Bains hotel on the Venice Lido.

The acquisition is part of a broader real estate and tourism development project: the complex will host the Six Senses brand. The project includes a Six Senses hotel with 71 rooms, a wellness centre of approximately 2,700 square metres, an 18-hole golf course, which has been awarded three times as the best golf course in Italy, and 17 villas and custom-built apartments (branded residences), intended for international customers, with access to the hotel's services. The residences are designed with a strong focus on environmental sustainability and contemporary design, immersed in olive groves, vineyards and the Umbrian hills.

Mohamed Alabbar, best known for setting up Emaar Properties and contributing to the development of the Burj Khalifa in Dubai, operates in Europe through Eagle Hills. For Italy, the Antognolla operation represents a new 'trophy asset' in the high-end hospitality portfolio.

In Italy, the presence of Middle Eastern capital in the hotel world is now historic. Katara Hospitality (a division of Qatar's sovereign wealth fund) has acquired major Italian assets, including the Gallia in Milan. Qatar also owns the luxury hotels on the Costa Smeralda that are directly part of Qatar Holding. Dorchester Collection, a luxury hotel group controlled by the Brunei Investment Agency (Brunei's sovereign wealth fund), owns properties in Italy such as the Hotel Eden in Rome and the Principe di Savoia in Milan. The Gritti Hotel in Venice and the Excelsior in Florence are also part of the portfolio of members of the Qatar royal family.