Are Cdp and Qc Terme ready to commit and give the Grand Hotel San Pellegrino a new lease of life? The historic property in the Brembana Valley, which has hosted the likes of General Luigi Cadorna, Nobel Prize winners Eugenio Montale and Salvatore Quasimodo, as well as members of the Russian royal family, has been closed for over 40 years.
Negotiations are underway for a reopening
Now its potential reopening may be on the cards. Following a partial €22 million renovation over 13 years, according to Pambianco reports, negotiations are in fact underway between the municipality of San Pellegrino Terme and Cassa Depositi e Prestiti bank.
€26 million to complete the refurbishment
Cdp would intervene along the lines followed for another Italian spa icon, the Grand Hotel Salsomaggiore which was recently purchased at auction. In this case, however, the Bergamasque municipality would not sell the asset, opting for a long-term lease, while the Cassa would contribute to the completion of the refurbishment for some €26 million
The outcome at the end of the year
The works would involve the four floors of guestrooms, the attic and the basement and on completion the management would be proposed to Qc Terme. Discussions between the municipality and Cdp are expected to continue for a few more months, with the outcome of the negotiations expected by the end of the year.
