Reuben Brothers Buy 2nd Hotel This Week – La Palma, Capri
Main Photo: The Bar at La Palma Hotel, Capri
Date: January 2020
Location: Capri, Italy
Name: La Palma Hotel and La Taverna Anema e Core
No. of Keys: 72
Seller: The oldest hotel in Capril, when Giuseppe Pagano, a notary, started this world-famous hotel in 1822. Pagano hosted travellers in his Villa for the pleasure of long conversations and often the guests were artists, poets, writers, architects, painters, musicians who showed their gratitude by painting the walls, writing poems, singing and playing in the “Artists’ Hotel”.
A collective of artists began to gather from all over the world who were inspirited by the genius loci. The guests were charmed by the smooth and familiar atmosphere of this eccentric hotel.
Hotel La Palma’s history is undoubtedly related to one of the most beautiful places on earth: the “Grotta Azzurra” of Capri. In 1826 a guest of the hotel, the German poet August Kopish, discovered the famous cave which he named “Grotta Azzurra”. Till then nobody dared to enter the cave feared to be induced to sins. However curiosity and spirit of adventure overcame the prejudices and a light never seen before appeared to the eyes of the courageous poet. From that moment on, the history of Capri changed.
The current owner appears to be HLP Hotel La Palma S.p.A – which we think filed for bankruptcy in 2018. The company is/was headed up by Giuseppe Mauro Rizzo.
Buyer: The Reuben brothers and with this acquisition, it marks the latest in the Reuben’s pipeline of investments and developments in Europe, closely following that of La Residence hotel in Mykonos last week.
La Palma Hotel is the oldest hotel on the island of Capri, which first opened in 1822. Although it currently has 72 rooms, it is set to undergo an extensive refurbishment. The Reubens’ acquisition also includes the La Taverna Anema e Core nightclub, a famous nightspot frequented by celebrities.
Jamie Reuben, a principal at Reuben Brothers, said: “By acquiring Hotel La Palma we are delighted to add such an iconic property to our growing hotel portfolio so soon after our acquisitions in Rome, Mykonos and Ibiza. We aim to restore and enhance this wonderful hotel to be perfectly positioned to provide guests an exceptional Capri experience.”
Investments by Reuben Brothers include data centres, race courses, shipping, aviation, public houses, hotels, technology and media. Its real estate holdings encompass office, retail, hotel, residential, and infrastructure properties across the world.
Price: Undisclosed…possibly around €35m
THPT Comment: This latest acquisition marks their determination to grow a boutique hotel empire fairly steadfastly…which they can well afford to do.
First Seen: Reuben Brothers website
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.
For more information – Visit www.thpt.co.uk or email [email protected].