PPHE Hotel Group has completed the acquisition of the 4-star Londra & Cargill Hotel in a prime central location in Rome, Italy. The acquisition marks the group’s entry into the Italian market. On completion of the transaction, hotel operations will continue whilst the Group finalises its plans to reposition the property to an upper upscale lifestyle hotel. The hotel is expected to be relaunched in early 2023.
The Londra & Cargill Hotel is steeped in history dating back to the early 1900’s and is located in central Rome just minutes from Via Vittorio Veneto, one of Rome’s most elegant and famous streets, a short walk from Piazza di Spagna and the Spanish Steps, Villa Borghese Gardens and Rome’s central station. The hotel currently offers 101 rooms and suites, a restaurant, bar, meeting facilities and private parking.
The transaction has been structured as a share sale of the company which owns the freehold hotel and its operations, from certain members of the De Romanis family, for a purchase price of €34.5m, subject to working capital and other customary price adjustments, which resulted in €33.2m payable by the group on completion.
Boris Ivesha, President & CEO of PPHE Hotel Group, commented: “We are thrilled to acquire this hotel in the centre of Rome, which will mark our entry into the Italian market and adds another key capital city to our growing portfolio of hotels. Our plans to reposition the property to an upper upscale lifestyle hotel will further bolster our development pipeline which already features iconic, premium projects across cities including art’otel london battersea power station and art’otel london hoxton."
