Phi Hotels, the brand of the Xenia Hôtellerie Solution group, has added the Ambra Palace in Pescara to its portfolio.
A possible future purchase
The company has acquired the hotel's business unit under an 18-year lease agreement for €1.9 million, with an exclusive option for three years on the possible future purchase of the asset for €1.6 million. The transaction had the support of PwC Italy. Previously Xenia had taken an independent portion of the property to extend the hotel.
Close to the sea and the railway station
The hotel, currently a 3-star will be repositioned and renamed Phi Hotel Ambra. It will have 60 rooms and is right in the city centre, just a few minutes from the sea and the Pescara Centrale railway station. The current management posted revenues in the last financial year of around €750,000, "a figure that, however, is not to be considered indicative for the planning of future financial years under the Phi Hotels brand.”
“Hotel Ambra…a benchmark property for the city”
"Hotel Ambra has great potential,- says Ercolino Ranieri managing director of Xenia. - It can be a benchmark property for the city, in terms of size and location and potentially can appeal to several business segments. We will be intervene with an overhaul to bring it into line with the standards of our hotel chain.”
