COIMA, Eagle Hills Begin $216M Revival of Venice’s Grand Hôtel des Bains

Venice’s Belle Époque Icon to Be Reborn as a Luxury Resort

COIMA SGR, one of Italy’s leading real estate investment and development firms, has announced a major breakthrough in the restoration of Venice’s iconic Grand Hôtel des Bains. In partnership with Abu Dhabi-based Eagle Hills, COIMA has secured an agreement with key lenders to acquire 100% of the hotel’s legacy debt, unlocking a transformative $215 million (€200 million) redevelopment of the landmark property on the Lido di Venezia.

The project will be financed through the newly established COIMA Des Bains Fund, supported by the COIMA ESG City Impact Fund, Italy’s largest urban regeneration vehicle and Eagle Hills, the international real estate powerhouse led by Mohamed Alabbar, also the founder of Emaar Properties. This partnership marks Eagle Hills’ first venture into Italy and reflects a strategic expansion of its European presence.

Restoration Anchored in Heritage and Hospitality

Built in 1900, the Grand Hôtel des Bains was once a glamorous seaside retreat for European aristocracy and a key setting for Thomas Mann’s novella Death in Venice. The hotel has stood empty since 2010, following a failed attempt to convert it into luxury residences. Under the new plan, the historic property will be fully restored and reopened as a high-end luxury resort, complete with modern amenities, renovated beachfront, and improved public spaces. Restoration work on the beachfront has already begun, and the partners will soon engage with Venice’s public institutions to finalize the redevelopment program.

Strategic Investment Backed by Global Institutions

The investment underscores growing confidence in Italy’s tourism and real estate sectors. The COIMA ESG City Impact Fund includes backing from top Italian institutional investors such as Cassa Forense, ENPAM, Inarcassa, Intesa Sanpaolo, and Fondazione Compagnia di San Paolo, among others. In addition, renowned sustainability entrepreneur Federico Marchetti, founder of YOOX Net-A-Porter Group, has joined the project through his investment firm Mavis, acquiring a minority stake in the fund.

The fund has also taken ownership of a €54 million loan associated with the property, previously held by Intesa Sanpaolo and Altea SPV, a vehicle backed by Christofferson, Robb & Company (CRC), with Prelios Credit Servicing acting as the loan servicer.

A New Chapter for Eagle Hills in Europe

The Venice project strengthens Eagle Hills’ fast-growing footprint across Europe. The developer currently owns and operates over 35 luxury hotels globally and is actively expanding along the Adriatic coast with over 30 projects in countries like Croatia, Albania, and Serbia, where it recently completed the award-winning restoration of the Bristol Hotel in Belgrade.

“This is more than a restoration. It is a revival of European legacy through modern excellence,” said Mohamed Alabbar, Chairman and Founder of Eagle Hills. “Venice has always been a bridge between worlds, and we are proud to be part of its future, bringing our experience in luxury hospitality to one of the most symbolic hotels on the continent.”

Italy–UAE Partnership Gains Momentum

The project also reflects growing collaboration between Italy and the United Arab Emirates, following the official state visit of HH Sheikh Mohamed bin Zayed Al Nahyan to Italy in early 2025. Manfredi Catella, Founder and CEO of COIMA, noted: “This first partnership with Eagle Hills follows extensive exploration of joint investment opportunities and is a meaningful sign of the strengthening relationship between Italy and the UAE.”

COIMA’s previous high-profile urban regeneration projects include the Porta Romana Railway Yard redevelopment, home to the upcoming 2026 Winter Olympics Village and collaborations with Prada Holding and Covivio. With the Grand Hôtel des Bains, COIMA and Eagle Hills aim to restore Venice’s place at the pinnacle of global tourism while preserving its unique cultural legacy for generations to come.