Coima has sealed an agreement with lenders to acquire the legacy debt on Venice’s long-shuttered Grand Hôtel des Bains, clearing the way for a €200m investment to restore the iconic Belle Époque landmark into a world-class resort hotel. The project, closed since 2010, has become a symbol of Venice’s stalled regeneration until now.
The restoration will be financed through the newly formed Coima Des Bains Fund, jointly backed by the Coima ESG City Impact Fund and Abu Dhabi-based Eagle Hills, led by Mohamed Alabbar, founder of Emaar Properties. Also joining the fund with a minority stake is Federico Marchetti, founder of YOOX Net-A-Porter, via investment company Mavis. The project will also modernise the beachfront and surrounding public areas, transforming over 20,000 m² into a revived high-end hospitality experience.
“This is more than a restoration – it is a revival of European legacy through modern excellence. Venice has always been a bridge between worlds, and we are proud to be part of its future,” said Mohamed Alabbar.
The deal follows Coima Des Bains Fund’s acquisition of €54m in debt from Intesa Sanpaolo and Altea SPV, originally held by UniCredit. The historic property, with 180 rooms, last saw guests in 2010 when previous redevelopment plans by Est Capital collapsed. For investors, this marks a rare, low-barrier re-entry into ultra-prime hospitality real estate in a UNESCO city with strict development constraints.
“The Grand Hôtel des Bains is a symbol of Venice recognised around the world and a treasured part of Italy’s cultural heritage,” said Manfredi Catella, CEO and founder of Coima. “We will promptly begin working with Venice’s public institutions to put a programme in place that restores the des Bains to its rightful place back on the global tourism map.”
Importantly for developers, Eagle Hills’ entry into Italy adds strategic weight. The group operates over 35 luxury hotels globally and is currently expanding a portfolio of more than 30 hospitality projects across Europe, including the Adriatic coast. Their involvement signals rising institutional confidence in Italy’s political and economic landscape, reinforced by the recent visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan.
The Grand Hôtel des Bains first opened in 1900 and inspired Thomas Mann’s Death in Venice, later filmed on-site in 1971. Once a beacon for celebrities during the Venice Film Festival, its reopening could spark renewed interest in luxury tourism and bolster the surrounding Lido real estate, which has long been undervalued despite its prestige potential.
People mentioned
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Mohamed Alabbar, Chairman and Founder, Eagle Hills
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Manfredi Catella, Founder and CEO, Coima
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Federico Marchetti, Founder, YOOX Net-A-Porter Group
Companies mentioned
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Coima – Developer, investment and asset manager, fund manager for the project
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Coima ESG City Impact Fund – Urban regeneration fund backing the restoration
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Eagle Hills – Abu Dhabi-based real estate investment company and co-investor
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Intesa Sanpaolo – Bank involved in the legacy debt
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UniCredit – Original holder of the debt
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Mavis – Investment company of Federico Marchetti
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