W Rome has changed hands, with a new ownership for the W Rome, the first Italian property of the Marriott lifestyle-luxury brand. The joint venture between the Canada Pension Plan Investment Board (Cpp Investments) and the British hotel management company Hamilton - Pyramid Europe has in fact acquired the hotel from the previous owners (King Street Capital Management and Omnam Investment Group) for a total of some €172 million.
“We are in a position to exploit the Eternal City's appeal”
The property, which reopened last April after a complete restyling, comprises 162 rooms, as well as a rooftop bar, a restaurant, a lounge, various other F&B venues, a gym and meeting spaces. "Rome has always been a top leisure and business destination," says Andrea Orlandi, managing director, head of real estate Europe at Cpp Investments. "The acquisition of W Rome therefore puts our joint venture with Hamilton - Pyramid Europe in the best position to exploit the Eternal City's appeal as a global tourist destination.
The joint venture is acquiring hotels in European cities and resort
Established earlier this year, the British-Canadian joint venture is focused on acquiring hotels operating in major European cities and select resort destinations. Last August Cpp Investments had announced a €475 million commitment to the same joint venture. The investment for W Rome is part of that endowment.
