COIMA And Eagle Hills Collaborate On €200 Million Restoration Of Historic Grand Hôtel Des Bains In Venice

COIMA SGR, a prominent Italian real estate investment manager, has secured an agreement to acquire all outstanding debt related to the historic Grand Hôtel des Bains. This acquisition facilitates the complete restoration of the landmark on Lido di Venezia. The project will be funded by the newly established COIMA Des Bains Fund, supported by both the COIMA ESG City Impact Fund and Abu Dhabi-based Eagle Hills.

The COIMA ESG City Impact Fund is Italy's largest urban regeneration initiative. It includes investors like Cassa Forense, ENPAM, Inarcassa, and Intesa Sanpaolo. Eagle Hills' involvement in Italy signifies its strategic expansion into Europe, focusing on revitalising iconic sites through luxury hospitality. The Grand Hôtel des Bains now joins Eagle Hills' extensive portfolio of over 90 luxury properties worldwide.

COIMA plans to invest around €200 million in restoring and modernising the Grand Hôtel des Bains. Closed since 2010, the hotel will be transformed into a high-end resort while preserving its historical essence. The redevelopment also involves improvements to the adjacent park and beachfront, with work on the latter already underway.

The fund has acquired a €54 million loan against the hotel from Intesa Sanpaolo and Altea SPV. CRC (Christofferson, Robb & Company) holds the notes, with Prelios Credit Servicing as servicer. This financial arrangement enables COIMA to proceed with its ambitious restoration plans for the hotel.

Opened in 1900 with 180 rooms, the Grand Hôtel des Bains was a luxurious retreat for Europe's elite. It gained literary fame when Thomas Mann stayed there in 1911, inspiring his novella "Death in Venice." The hotel later featured in a 1971 film adaptation and became a regular host to aristocrats during the Venice Film Festival.

Previous redevelopment efforts by Est Capital were abandoned in 2010. Now, COIMA and Eagle Hills will collaborate with Venice's public authorities to finalise restoration plans for this culturally significant site.

Eagle Hills' Global Portfolio

Eagle Hills operates over 35 hotels globally under Mohamed Alabbar's leadership. Their projects span Europe, the Adriatic, Middle East, and Africa. Notable assets include Belgrade's Bristol Hotel within the Belgrade Waterfront project.

"This is more than a restoration – it is a revival of European legacy through modern excellence," said Mohamed Alabbar, Chairman of Eagle Hills. "Venice has always been a bridge between worlds, and we are proud to be part of its future."

Strengthening UAE-Italy Relations

The investment highlights growing confidence in Italy’s political stability and tourism sector after President His Highness Sheikh Mohamed bin Zayed Al Nahyan's visit in February 2025. It also reflects strengthening UAE-Italy bilateral relations.

"This first partnership with Eagle Hills represents an important step forward," stated Manfredi Catella, COIMA founder and CEO. "The Grand Hôtel Des Bains is a symbol of Venice recognised worldwide."

Urban Regeneration Initiatives

The COIMA ESG City Impact Fund focuses on sustainable building reuse and urban regeneration. Its projects include Porta Romana Railway Yard redevelopment with Prada Holding and Covivio, plus transforming the 2026 Winter Olympics Athletes’ Village into Italy’s largest student accommodation complex.

Entrepreneur Federico Marchetti has invested in the COIMA Des Bains Fund through Mavis. COIMA and Eagle Hills may open this fund to more institutional investors to support broader regeneration across Lido di Venezia.

With inputs from WAM