COIMA, Eagle Hills Team Up to Restore Venice hotel

COIMA SGR, a leader in the investment, development and management of real estate assets on behalf of institutional investors, has finalised an agreement on Monday with lenders to purchase 100% of the legacy debt on the historic Grand Hotel des Bains, in a move that paves the way for the full restoration of the landmark hotel on the Lido di Venezia in Venice for $231.58 million.

The project to restore and modernise the hotel will be financed through the COIMA Des Bains Fund, a new investment vehicle jointly backed by the COIMA ESG City Impact Fund – Italy’s largest national urban regeneration fund – and Eagle Hills, a real estate development and investment company based in Abu Dhabi.

The COIMA ESG City Impact Fund brings together a range of institutional investors, including Cassa Forense, ENPAM, Inarcassa, Cassa dei Commercialisti, Intesa Sanpaolo, Compagnia di San Paolo, Fondazione Padova e Rovigo, Fondo Pensione Monte dei Paschi di Siena, and Fideuram Vita.

Eagle Hills’ entry into Italy represents a strategic expansion of its growing European footprint and reinforces its long-term focus on revitalizing iconic destinations through world-class hospitality.

Grand Hôtel des Bains adds to a global luxury hospitality portfolio of over 90 properties under the leadership of Mohamed Alabbar, founder of both Eagle Hills and Emaar Properties.

Eagle Hills alone owns and operates more than 35 luxury hotels and stands among the world’s leading mixed-use development companies, with a presence in over 12 countries. Its growing portfolio spans premier destinations across Europe, the Adriatic, the Middle East, and Africa-delivering integrated communities and iconic hospitality experiences.

The investment also reflects a strong vote of confidence in Italy’s political stability and economic development, particularly in the hotel and tourism sector. It follows the official visit of the UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan in February 2025.

Federico Marchetti, entrepreneur in the sustainability sector and founder of YOOX Net-A-Porter Group, participates to the COIMA Des Bains Fund with a minority stake through its investment company Mavis.

COIMA and Eagle Hills will also consider opening the Fund to other institutional and professional investors, with the goal of supporting the regeneration of the Lido di Venezia, home to the Venice Film Festival.

The deal sees COIMA Des Bains Fund acquiring the loan with a nominal value of $62.53 million held against the hotel, from Intesa Sanpaolo and Altea SPV, a securitisation vehicle which bought the tranche of debt originally held by UniCredit and whose noteholder is CRC (Christofferson, Robb & Company) with Prelios Credit Servicing covering the role of servicer.

The debt agreement unlocks COIMA’s plans to invest $231.58 million in the complete restoration and modernisation of the hotel, bringing what was once a monument to Venice’s Belle Époque splendour back to life.

Under the plans, the hotel – which has remained closed for over 15 years – will be sensitively restored, renovated and returned to use as a modern high end resort hotel. The plans will also see the improvements to the park and public realm surrounding the iconic building, as well as restoration and modernisation of the beach front, which is already underway. The partners will now engage with Venice’s public institutions to agree on the restoration programme.

More Than Restoration

Mohamed Alabbar, Chairman and founder of Eagle Hills, said that this was more than a restoration and 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, bringing our experience in luxury hospitality to one of the most symbolic hotels on the continent, Alabbar added.

Manfredi Catella, COIMA founder and CEO, said that this first partnership with Eagle Hills, following an extensive exploration of investment opportunities, represents an important step forward and a meaningful sign of the strengthening relationship between Italy and the UAE, following the meeting between Italy’s Prime Minister Giorgia Meloni and His Highness Sheikh Mohamed bin Zayed Al Nahyan.