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Four Seasons. First Venice then acquisitions in Rome

Friday, 08 July 2022 13:14

Four Seasons. First Venice then acquisitions in Rome, as rumours continue to swirl about the Four Seasons group’s development plans in Italy.

After the recent confirmation of the rumours concerning the Danieli in Venice, to be managed by the Canadian company from 2025, rumours are now circulating about it opening two hotels in Rome. At present it is not clear whether they are both possible, or whether one excludes the other. Co-star of the two events, the Italian daily Corriere della Sera tells us, is the Puerto Rican investment company Fort Partners founded by Nadim Ashi, who has collaborated with Four Seasons in the past.

Close to the Vatican and to the Trevi Fountain

The Puerto Rican company was provisionally awarded the tender for Palazzo della Rovere, a stone's throw from St. Peter's, almost at the same time they seem also to have signed a preliminary contract, for €165 million for Palazzo Marini in Piazza San Silvestro which is just across the road from the Trevi Fountain. Fort Partners are said to have paid a deposit of €20 million, effectively locking the operation. And a management contract with Four Seasons would seem to be already on the table.

Apparently the Pope is not happy with the proposal

For now neither company has confirmed the rumours. But it is known that the eventual transformation of Palazzo della Rovere into a 5-star hotel has sparked controversy, because Pope Francis does not like the idea of ​​a super-luxury structure so close to St. Peter's. With regard to Palazzo Marini, an ad hoc investment structure has already been set up to find the necessary resources to cover the renovation costs estimated at an additional €100 million. Luxembourg-based Marini International Sicav is in charge of raising capital for Marini Asset (the Italian corporate vehicle that seemingly signed the preliminary agreement) and for the closed-end real estate fund reserved for Millennium Luxury. 

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