COIMA SGR, a leading Italian real estate investment and asset manager, has finalised an agreement to acquire 100 percent of the legacy debt on the historic Grand Hôtel des Bains, paving the way for the full restoration of the landmark property on the Lido di Venezia.
The project will be financed through the newly launched COIMA Des Bains Fund, backed jointly by the COIMA ESG City Impact Fund – Italy’s largest urban regeneration vehicle – and Abu Dhabi-based Eagle Hills, a global real estate investment and development company.
The COIMA ESG City Impact Fund includes institutional investors such as Cassa Forense, ENPAM, Inarcassa, Intesa Sanpaolo, and others. Eagle Hills’ entry into Italy marks a strategic expansion of its European portfolio and reinforces its focus on reviving iconic destinations through luxury hospitality.
The Grand Hôtel des Bains joins Eagle Hills’ global portfolio of over 90 luxury hospitality properties. The company, under the leadership of Mohamed Alabbar, owns and operates more than 35 hotels, with projects across Europe, the Adriatic, the Middle East and Africa. Notable assets include the restored Bristol Hotel in Belgrade, Serbia, within the Belgrade Waterfront project.
The investment in Venice underscores growing confidence in Italy’s political stability and tourism sector, following the official visit of President His Highness Sheikh Mohamed bin Zayed Al Nahyan in February 2025. It also reflects strengthening UAE-Italy bilateral relations.
The COIMA ESG City Impact Fund focuses on urban regeneration and sustainable reuse of buildings. Its initiatives include the Porta Romana Railway Yard redevelopment with Prada Holding and Covivio, and the 2026 Winter Olympics Athletes’ Village, which will later become Italy’s largest student accommodation 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 further institutional and professional investors to support broader regeneration across the Lido di Venezia, home to the Venice Film Festival.
The fund has acquired a €54 million loan held against the hotel from Intesa Sanpaolo and Altea SPV, which had purchased the debt tranche originally held by UniCredit. CRC (Christofferson, Robb & Company) is the noteholder, with Prelios Credit Servicing acting as servicer.
This agreement enables COIMA to invest approximately €200 million in restoring and modernising the Grand Hôtel des Bains. Closed since 2010, the hotel will be transformed into a high-end resort while retaining its historical character. The redevelopment also includes enhancements to the surrounding park and beachfront, with work on the latter already under way.
Opened in 1900 with 180 rooms, the Grand Hôtel des Bains was a luxurious retreat frequented by Europe’s elite. It gained literary fame when Thomas Mann stayed there in 1911, inspiring his novella Death in Venice. The hotel later featured in the 1971 film adaptation and became a regular 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 coordinate with Venice’s public authorities to finalise the restoration programme.
Mohamed Alabbar, Chairman and founder of Eagle Hills, said, “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, bringing our experience in luxury hospitality to one of the most symbolic hotels on the continent.”
Manfredi Catella, COIMA founder and CEO, added, “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 United Arab Emirates, following the meeting between Italy’s Prime Minister Giorgia Meloni and His Highness Sheikh Mohamed bin Zayed Al Nahyan. The Grand Hôtel Des Bains is a symbol of Venice recognised around the world and a treasured part of Italy’s cultural heritage. 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 on back on the global tourism map.”
