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Venice's Bauer Hotel is taken over by King Street Capital Management

By Tuesday, 09 April 2024 15:20

Venice's Bauer Hotel has been taken over by King Street Capital Management.

The Baur is one of the most prestigious hotels in Venice

Following Signa's disavowals that the property would be put on the market after the default of the Austrian group founded by René Benko, there were rumors of potential interest from MSC owner Gianluigi Aponte. Now the saga of one of the most prestigious hotels in Venice gets a new twist. According to the local newspapers Il Gazzettino and La Nuova Venezia, the hotel has been taken over by the US fund King Street Capital Management, which is one of the main financiers of Signa. 

Plans to rebrand the Bauer Hotel as a Rosewood 

However, the fate of Bauer has not yet been definitively decided. While King Street would seem intent on selling the asset, the project to redevelop the hotel with a view to rebranding it Rosewood remains on paper for the time being. Work has been at a standstill since last December, and the employees have not been paid since February. The original idea was to build around 90 suites by 2025, as well as a series of high-end shops, with the total value of the complex in the region of €600 million upon completion of the restyling. At the time of Elliott's 100% purchase of the property in 2019, the hotel had been valued at €400 million (Signa had acquired it in 2020. Ed).

A Four Seasons rebranding for the Danieli Hotel? 

This is King Street's second foray into Venetian hospitality. The US fund already participated, together with Starwood Capital Group, in the €330 million bond issue with which the Statuto group refinanced the Danieli Hotel, launching a €30 million restyling with a view to a rebranding as Four Seasons.

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