emirates7 - COIMA SGR, a prominent Italian real estate investment and asset management firm, has completed a deal to acquire full ownership of the legacy debt tied to the historic Grand Hôtel des Bains, enabling the comprehensive restoration of this iconic property on Venice’s Lido.
The restoration project will be funded by the newly established COIMA Des Bains Fund, supported jointly by the COIMA ESG City Impact Fund—Italy’s largest urban regeneration vehicle—and Eagle Hills, a global real estate investment and development company based in Abu Dhabi.
The COIMA ESG City Impact Fund includes institutional investors such as Cassa Forense, ENPAM, Inarcassa, and Intesa Sanpaolo, among others. Eagle Hills’ involvement in Italy marks a strategic expansion of its European portfolio and reinforces its commitment to revitalizing landmark destinations through luxury hospitality.
The Grand Hôtel des Bains becomes part of Eagle Hills’ worldwide collection of over 90 luxury hospitality properties. Led by Mohamed Alabbar, the company owns and operates more than 35 hotels across Europe, the Adriatic, the Middle East, and Africa. Noteworthy projects include the restored Bristol Hotel in Belgrade within the Belgrade Waterfront development.
This investment in Venice highlights increasing confidence in Italy’s political stability and tourism sector, particularly following the official visit of President His Highness Sheikh Mohamed bin Zayed Al Nahyan in February 2025, and reflects the growing ties between the UAE and Italy.
The COIMA ESG City Impact Fund is dedicated to urban regeneration and the sustainable repurposing of buildings. Its projects include the redevelopment of the Porta Romana Railway Yard alongside Prada Holding and Covivio, as well as the 2026 Winter Olympics Athletes’ Village, which will later become Italy’s largest student housing complex.
Entrepreneur Federico Marchetti, founder of YOOX Net-A-Porter Group, has also invested in the COIMA Des Bains Fund through his company, Mavis. COIMA and Eagle Hills may open the fund to additional institutional and professional investors to support further regeneration efforts across Venice’s Lido, home of the Venice Film Festival.
The fund acquired a €54 million loan on the hotel from Intesa Sanpaolo and Altea SPV, which had previously purchased the debt from UniCredit. CRC (Christofferson, Robb & Company) holds the notes, with Prelios Credit Servicing acting as the loan servicer.
This agreement allows COIMA to invest around €200 million to restore and modernize the Grand Hôtel des Bains. Closed since 2010, the hotel will be transformed into a luxury resort while preserving its historic character. The redevelopment also includes improvements to the adjacent park and beachfront, with work on the latter already in progress.
Originally opened in 1900 with 180 rooms, the Grand Hôtel des Bains was a prestigious retreat favored by Europe’s elite. It gained literary significance when Thomas Mann stayed there in 1911, inspiring his novella *Death in Venice*. The hotel was later featured in the 1971 film adaptation and became a frequent host to aristocrats, artists, and celebrities during the Venice Film Festival. Previous redevelopment plans by Est Capital were abandoned in 2010.
COIMA and Eagle Hills will now work closely with Venice’s public authorities to finalize the restoration plan.
Mohamed Alabbar, Chairman and founder of Eagle Hills, said, “This is not just a restoration but a revival of European heritage through modern excellence. Venice has long been a bridge between worlds, and we are proud to contribute to its future by bringing our luxury hospitality expertise to one of Europe’s most emblematic hotels.”
Manfredi Catella, founder and CEO of COIMA, added, “Our partnership with Eagle Hills, following a thorough exploration of investment opportunities, is a significant milestone and a meaningful symbol of the strengthening ties between Italy and the UAE, following the recent meeting between Italy’s Prime Minister Giorgia Meloni and His Highness Sheikh Mohamed bin Zayed Al Nahyan. The Grand Hôtel des Bains is a globally recognized symbol of Venice and a cherished part of Italy’s cultural heritage. We will promptly collaborate with Venice’s public institutions to implement a plan that restores the Des Bains to its rightful place on the world tourism stage.”
The restoration project will be funded by the newly established COIMA Des Bains Fund, supported jointly by the COIMA ESG City Impact Fund—Italy’s largest urban regeneration vehicle—and Eagle Hills, a global real estate investment and development company based in Abu Dhabi.
The COIMA ESG City Impact Fund includes institutional investors such as Cassa Forense, ENPAM, Inarcassa, and Intesa Sanpaolo, among others. Eagle Hills’ involvement in Italy marks a strategic expansion of its European portfolio and reinforces its commitment to revitalizing landmark destinations through luxury hospitality.
The Grand Hôtel des Bains becomes part of Eagle Hills’ worldwide collection of over 90 luxury hospitality properties. Led by Mohamed Alabbar, the company owns and operates more than 35 hotels across Europe, the Adriatic, the Middle East, and Africa. Noteworthy projects include the restored Bristol Hotel in Belgrade within the Belgrade Waterfront development.
This investment in Venice highlights increasing confidence in Italy’s political stability and tourism sector, particularly following the official visit of President His Highness Sheikh Mohamed bin Zayed Al Nahyan in February 2025, and reflects the growing ties between the UAE and Italy.
The COIMA ESG City Impact Fund is dedicated to urban regeneration and the sustainable repurposing of buildings. Its projects include the redevelopment of the Porta Romana Railway Yard alongside Prada Holding and Covivio, as well as the 2026 Winter Olympics Athletes’ Village, which will later become Italy’s largest student housing complex.
Entrepreneur Federico Marchetti, founder of YOOX Net-A-Porter Group, has also invested in the COIMA Des Bains Fund through his company, Mavis. COIMA and Eagle Hills may open the fund to additional institutional and professional investors to support further regeneration efforts across Venice’s Lido, home of the Venice Film Festival.
The fund acquired a €54 million loan on the hotel from Intesa Sanpaolo and Altea SPV, which had previously purchased the debt from UniCredit. CRC (Christofferson, Robb & Company) holds the notes, with Prelios Credit Servicing acting as the loan servicer.
This agreement allows COIMA to invest around €200 million to restore and modernize the Grand Hôtel des Bains. Closed since 2010, the hotel will be transformed into a luxury resort while preserving its historic character. The redevelopment also includes improvements to the adjacent park and beachfront, with work on the latter already in progress.
Originally opened in 1900 with 180 rooms, the Grand Hôtel des Bains was a prestigious retreat favored by Europe’s elite. It gained literary significance when Thomas Mann stayed there in 1911, inspiring his novella *Death in Venice*. The hotel was later featured in the 1971 film adaptation and became a frequent host to aristocrats, artists, and celebrities during the Venice Film Festival. Previous redevelopment plans by Est Capital were abandoned in 2010.
COIMA and Eagle Hills will now work closely with Venice’s public authorities to finalize the restoration plan.
Mohamed Alabbar, Chairman and founder of Eagle Hills, said, “This is not just a restoration but a revival of European heritage through modern excellence. Venice has long been a bridge between worlds, and we are proud to contribute to its future by bringing our luxury hospitality expertise to one of Europe’s most emblematic hotels.”
Manfredi Catella, founder and CEO of COIMA, added, “Our partnership with Eagle Hills, following a thorough exploration of investment opportunities, is a significant milestone and a meaningful symbol of the strengthening ties between Italy and the UAE, following the recent meeting between Italy’s Prime Minister Giorgia Meloni and His Highness Sheikh Mohamed bin Zayed Al Nahyan. The Grand Hôtel des Bains is a globally recognized symbol of Venice and a cherished part of Italy’s cultural heritage. We will promptly collaborate with Venice’s public institutions to implement a plan that restores the Des Bains to its rightful place on the world tourism stage.”