King Street, Omnam Group and Kryalos SGR Complete Sale of W Rome To CPP Investments & Hamilton Pyramid Europe JV, for Around €172m
Main Photo: The W Hotel Rome
Date: November 2022
Name: W Rome
Location: The Ludovisi district, Rome, Italy
Number of Keys: 162
Seller: King Street Capital Management, Omnam Investment Group and Kryalos SGR
Buyer: A JV between CPP Investments and Hamilton Pyramid Europe
King Street Capital Management, a leading global alternative investment firm, and Omnam Investment Group, a diverse global real estate investor and developer, today announced that it has completed the sale of the W Rome in Rome, Italy to a joint venture between CPP Investments and Hamilton Pyramid Europe. King Street partnered with Omnam Group and Kryalos SGR in 2017 to acquire two office buildings that were converted into the luxury best-in-class hotel.
The property is the first W Rome in Italy and opened in April 2022 following a complete renovation. Distributed across two 19th century buildings in a prime location in the historic Ludovisi district, the W Rome is ideally situated for corporate and leisure travelers. The Hotel is near the renowned Via Veneto and famed tourist sites, as well as many corporate occupiers and embassies.
The Hotel, which is BREAAM certified, features 162 guest rooms with 48 private balconies, exclusive terraces on the top floors, a rooftop with bar and swimming pool as well as a lush inner courtyard garden. In addition, it boasts a unique food and beverage offering including Giano Restaurant, led by two Michelin-star chef Ciccio Sultano, Zucchero, a pastry shop by world-renowned pastry chef Fabrizio Fiorani, and the W Lounge.
Paul Brennan, Managing Director and Head of European Real Estate, King Street, said: “The transaction is representative of King Street’s ability to successfully reposition and deliver a trophy hotel into a difficult-to-access market which has an under-representation from major international brands.”
King Street has committed over $4 billion of equity across more than 60 private real estate transactions since 2010 and has invested meaningfully in the Italian property markets to-date.
David Zisser, CEO and Founder, Omnam Group, said: “The transaction is a testimony of the strengthening of the Roman market and the W brand. This sale demonstrates Omnam’s ability to create lifestyle luxury experiences that celebrate their destinations, whilst honouring its environment.”
King Street and Omnam Group were advised by DLA Piper.
King Street is a global alternatives investment firm founded in 1995 that manages approximately $22 billion in assets across public and private markets. The firm marries rigorous fundamental research with tactical trading and differentiated sourcing capabilities to identify misunderstood and complex investment opportunities across asset classes, up and down the capital structure.
Omnam is a global real estate development and investment firm with an incisive vision to unearth iconic urban & resort destinations. It’s expertise in operations-led hospitality, food and beverage, design, art and restoration is bar none. Omnam’s objective is to refine rough gems into rare jewels, internationally and across the whole range of hospitality products: luxury and lifestyle mid to large scale hotels, single or mixed-use projects, ground-up and historic rehabilitation. Founded in 2011 and headquartered in London, Omnam’s European portfolio includes projects in Italy, France, Belgium, and The Netherlands.
CPP – Canada Pension Plan Investment Board is a professional investment management organisation that manages the fund in the best interest of the more than 21 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At June 30, 2022, the Fund totalled C$523 billion.
Price: In August 2022, CPP Investments announced the commitment of €475 million (C$637 million) to the JV; the W Rome is being acquired with part of this committed capital, at an approximate €172 million purchase price
Price per Key: Just over €1m
THPT Comment: Fab deal…firstly the conversion and then the sale…well done!
First Seen: PR Newswire
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