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Leonardo Patacconi, former Condor president, acquires Rimini’s DuoMo Hotel 

By Wednesday, 15 May 2024 10:14

The DuoMo hotel in Rimini, a futuristic 4-star located in the city centre has been acquired by the former director and president of Condor, Leonardo Patacconi. 

The property was acquired by Patacconi at the third auction

The hotel opened in 2006, and was subsequently involved, from 2020, in a series of legal disputes that arose between the company that owned it and the management company. Subsequently the hotel was auctioned, with the asking price originally at €3.55 million It was not sold at the first or second auctions in 2023, then at the third auction Patacconi acquired the asset for €2.2 million.

The hotel first had a turnover of €1 million

Having sold the family tour business to the Uvet Group in 2018, Patacconi wanted to return to the tourism sector and also invested in startups when the DuoMo opportunity arose. When it was first opened the hotel cost around €10 million and when fully operational it boasted a turnover of some €1 million with an operating margin of 10%.

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