Fort Partners Acquires Historic Palazzo Marini in Rome For €165m To Become a Four Seasons
Main Photo: The building as is….look forward to the new look!
Date: August 2022
Name: Palazzo Marini…to become a Four Seasons
Location: Walking distance from the Trevi Fountain, Piazza San Silvestro, Rome, Italy
Number of Keys: We believe the new refurbished hotel will have 100 rooms and suites
Seller: Real estate developer Sergio Scarpellini sold the hotel in 2016
Buyer: The acquisition was completed by the Italian real estate fund, Millennium Luxury – Fondo di Investimento Alternativo Immobiliare di Tipo Chiuso Riservato, set up by DeA Capital Real Estate SGR, and invested in by Marini International Holding (Luxembourg), a Luxembourg investment fund.
Fort Partners Puerto Rico LLC (Fort Partners), led by Founder and CEO Nadim Ashi, announced the acquisition of the Palazzo Marini (3-4) for €165 million with plans to develop the property into a luxury hotel that will be managed by Four Seasons Hotels and Resorts.
“A project in Rome has been a dream of mine for many years. We have a clear vision and can already see this magnificent place come to life. As with our other properties, Fort Partners’ commitment to delivering top quality, excellence and elegance will be ever present in the execution of this project in the heart of Rome,” says Nadim Ashi, Founder and CEO, Fort Partners.
Fort Partners’ vision for the Palazzo Marini 3-4 in Rome will be thoughtfully developed with a deep reverence for the building’s architectural importance within the Eternal City. This vision will be led by a collaborative team of exceptional talents who will transform the property in a manner that pays homage to its history while elevating it with a contemporary aesthetic that meets the needs of discerning global travellers.
Dentons Italy assisted Fort Partners, as sponsor, arranger and main investor, in the acquisition.
Four Seasons has an existing portfolio of 122 hotels and resorts and 48 residential properties in 47 countries around the world. In January 2022, Bill Gates’s Cascade Investment LLC took control of Four Seasons Hotels and Resorts by buying approximately half of a Kingdom Holding Co. (KHC) affiliate’s stake for $2.21 billion. Gates’s Cascade Investment paid $2.2 billion in cash to boost its stake in Four Seasons Holdings to 71.25 per cent from 47.5 per cent, according to a Bloomberg report.
Fort Partners and Four Seasons will face a major project in converting the expansive Palazzo Marini into lavish accommodation. The complex currently consists of four separate blocks and takes up one side of the Piazza San Silvestro at the centre of the city. Several years ago, much of the ground floor was converted into an Ikea store.
The palazzo was started in 1650 by celebrated Italian sculptor and architect, Gian Lorenzo Bernini, although he never completed the project. Years later, Pope Innocent XII took possession of the property and converted the building into the headquarters of the Pontifical Tribunal. In recent years, the complex has been left untouched after real estate developer Sergio Scarpellini sold the building following his 2016 arrest on bribery charges.
Fort Partners have history with Four Seasons, with hotels and residences in Marbella, Brickell – Miami, Palm Beach and Fort Lauderdale, as well as their Surf Club in Miami,
Price: €165m
Price per Key: €1.65m…plus extensive refurb costs
THPT Comment: Another Grand Dame hotel/building to be saved by Hospitality…well done Mr Ashi. Four Seasons currently has a new 210-key hotel in Rome under development…the former Royal Mint, on Piazza Verdi. Much interest and activity at the top-end in Rome this past year
First Seen: Tatler magazine
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