BNP Paribas REIM and QC Spa of Wonders have signed a strategic partnership that signals a major move into the wellness and hospitality sectors, centred around the launch and growth of the Spa Property Fund (SPAPF). The fund, managed by BNP Paribas REIM Luxembourg, aims to build a €300m pan-European portfolio of spa and hotel properties exclusively operated by QC Spa of Wonders.
At the heart of the fund’s expansion is its dual focus on acquiring both operating and repositionable assets. Its latest acquisitions include the iconic QC San Pellegrino spa and a landmark property on Viale Certosa in Milan, which is set to be transformed into a wellness hotel under the QC brand. With approximately €120m in assets already secured, SPAPF is now open to institutional investors looking to access the resilient and increasingly in-demand leisure hospitality sector.
“We are excited for this partnership with QC Spa of Wonders, a leading player in the spa and wellness hospitality. We strongly believe in fundamentals and growth of this sector as experience spending, especially after the pandemic, is increasingly favoured in consumers’ preferences. We are confident that the strategy will match the interest and appreciation of many other investors,” said Vincenzo Nocerino, Global CIO at BNP Paribas REIM.
A key differentiator for SPAPF is QC Spa of Wonders’ commitment as a cornerstone investor, aligning operator and asset manager interests. QC currently operates 12 spa hotels, including locations in Italy, France and the US, and plans to accelerate expansion through this fund. It hosted over 1.8 million guests in 2024 and reported €159m in revenue, highlighting a scalable and high-performing business model.
“After an extensive search conducted together with our partners at White Bridge Investment, we believe we have found the ideal travel companion to support and accelerate our growth journey in Italy and across Europe,” said Francesco Varni, CEO & Corporate Activities and Development at QC Spa of Wonders. “We are leaders in a dynamic and fast-growing market, and we firmly believe in the appeal of the newly launched Spa Property Fund to a broad range of investors.”
For investors and developers, the creation of a dedicated spa and wellness real estate platform with a secure, long-term operator brings an attractive mix of defensive asset allocation, ESG-forward design, and exposure to growing consumer demand for wellbeing-oriented experiences — an often underrepresented asset class in institutional portfolios.
People mentioned:
Vincenzo Nocerino, Global CIO, BNP Paribas REIM
Francesco Varni, CEO & Corporate Activities and Development, QC Spa of Wonders
Paul Darribère, Head of Hospitality & Healthcare Practice, BNP Paribas REIM
Pietro Moro, Head of Italian Acquisition Team, BNP Paribas REIM
Companies mentioned:
BNP Paribas REIM – fund manager and investor
QC Spa of Wonders – exclusive operator and cornerstone investor
White Bridge Investment – strategic advisor to QC
BNP Paribas REIM Luxembourg SA – manager of SPAPF
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