U.K.-based investment firm Reuben Brothers has acquired a historic property in the center of Rome and entered into contractual arrangements with Malta-based Corinthia Hotels to develop, lease and operate it as an “ultra-luxury” hotel.
The 7,500-square-meter asset, once the seat of the Central Bank of Italy on Parliament Square, will be adapted into a hotel with restaurants and bars, a spa, “rooftop amenities” and a central garden.
“This acquisition and development is yet another milestone in establishing our global property footprint, and furthers our interests in Italy, which include the newly opened Palazzo Experimental in Venice,” said Jamie Reuben, a principal at Reuben Brothers.
Design work is underway and construction is expected to start in 2020.
The acquisition is the latest addition to the Reuben’s existing pipeline of hotel investments and developments in Europe, including properties in Venice, Italy and Verbier, Switzerland. In London, the company is represented by the “In & Out Club” on Piccadilly, Great Marlborough St. in Soho and the Curtain Hotel and Members’ Club in Shoreditch.
Corinthia has a history of restoring 19th century hotels across Europe. The Corinthia London, Corinthia Budapest (formerly the Grand Hotel Royal) and Corinthia Hotel St. Petersburg in Russia are all 19th century landmark properties that have been acquired, redeveloped and relaunched by Corinthia Hotels. In Brussels, the former Grand Hotel Astoria is under renovation as is the former Grand Hotel du Boulevard in Bucharest. The Corinthia Hotel & Residences Moscow is under development on Tverskaya, Moscow’s main avenue.