The owners of an historic hotel in Rome have secured financing to renovate and reopen the property next year.
Luxembourg-based Boscalt Hospitality secured a €111.2 million ($116.7 million) loan to renovate the former Hotel Majestic Rome into the Baccarat Hotel Rome, according to a news release from Invel Real Estate, which provided the financing.
The hotel, located on Rome's Via Vittorio Veneto street, first opened in 1889. Starwood Capital Group's subsidiary SH Hotels & Resorts will manage the Baccarat Hotel Rome, which will have 87 rooms and open in late 2026, with construction already underway.
Boscalt Hospitality bought the property in June 2022 for an undisclosed price.
The Baccarat Hotel Rome will be the second property to open affiliated with Starwood Capital Group's and SH Hotels & Resorts' Baccarat Hotels & Resorts brand. The 114-room Baccarat Hotel New York opened in Manhattan in March 2015 and is currently owned by Beijing-based Sunshine Insurance Group.
Baccarat Hotels & Resorts has announced additional hotels scheduled to open over the next few years, in Florence, Italy; Diriyah, Riyadh; The Maldives; and Dubai.
Invel Real Estate's chief investment officer Gabriele Magotti said the “transaction exemplifies Invel’s ability to finance best-in-class real estate assets in Southern Europe’s most sought-after locations.”
According to Invel, the firm manages €3.7 billion of assets, with a focus on Southern Europe.
(Updated on Feb. 26 to clarify the ownership and operations structure of the Baccarat Hotel Rome.)