The old building of the Printing Works, the historic seat of the State Mint, located in Piazza Verdi in the Parioli district of Rome, will soon become a ultra-luxury hotel of Rosewood Hotels and Resorts International Limited controlled by New World China Land Ltd, a holding company listed on the Hong Kong Stock Exchange. This was announced by the Cassa Depositi e Prestiti.
The operation
The owner of the building, Residential Real Estate 2004 (75% owned by the CDP Real Estate group Cassa Depositi e Prestiti and 25% owned by the group Finprema Fratini) signed last Friday a letter of intent with Rosewood Hotels. The project involves the use of 30 thousand square meters for the construction of a hotel of about 200 rooms, a convention center, restaurants, pool and spa, plus about fifty private residences operated by the same operator. In the other 28 thousand square meters available, CDP Real Estate intends to carry private residences and offices. The completion of work is planned for 2018, while all permits to carry have already been granted. The value of the agreement exceeds 150 million euro.
CDP Real Estate, led by Giovanni Maria Paviera, it has a development strategy geared to maximum efficiency: The disposal is not, in fact, an obligation it makes you Steer clear of the management of the properties. The situation, therefore, are two: CDP could bear the full cost and rent the hotel manager, or Rosewood could opt for a partnership, investing in the restructuring and ensuring to CDP a sharing in the profits of the hotel.
Rosewood Hotels
The Rosewood brand, founded in 1979, owns nine hotels, mainly located in America (Carlyle in New York, Las Ventanas al Paraiso in Los Cabos, Mexico , Jumby Bay in Antigua, etc.), to which are added six new developments. Also it operates 18 hotels worldwide including Rosewood London and, from next year, the Crillon in Paris, and is currently engaged in ten further development thanks to the formula of the management contract. And there’s more. The group operates, in fact, four hotels with residential component, one in Castiglione del Bosco, thanks to its partnership with the Ferragamo Group.
The major real estate projects in Italy speak another language
This is not the only case of purchase of large Italian real estate by foreign groups. The property of the former headquarters of Unicredit in Milan Piazza Cordusio is passed to the Chinese Fosun that they bought for 345 million. Also in Milan, the Qatar Investment Authority acquired the majority of the complex Porta Nuova liquidating other shareholders, including Unipol. The sovereign wealth fund of Abu Dhabi seems to be interested in a building on Via del Corso in Rome to give birth to an ultra-luxury hotel. The Bulgari family, finally, is seeking an international partnership to buy and renovate the old INPS headquarters in the center of Rome and make a dream hotel.
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