The Emirati company Eagle Hills has added the historic Grand Hotel de Bains in Venice to its global luxury hospitality portfolio. The company COIMA SGR, which specializes in investing, developing, and managing real estate assets for institutional investors, has announced an agreement with a group of lenders to acquire all outstanding debts associated with the Grand Hotel de Bains. This arrangement paves the way for a comprehensive restoration project for this iconic landmark located in the Lido di Venezia area.
This agreement allows COIMA to launch a plan to invest approximately €200 million in the complete renovation and modernization of the hotel, aiming to revive a symbol of the Belle Époque in Venice. The plans include restoring the hotel, which has been closed for over 15 years, transforming it into a modern luxury resort, enhancing the park and surrounding public areas, and beginning the redevelopment of the waterfront. The partners will now initiate communication with the relevant authorities in Venice to establish the restoration program.
Funding for the renovation and modernization project will come from the COIMA Des Bains fund, a new investment vehicle jointly backed by the COIMA ESG City Impact fund—the largest national fund for urban rehabilitation in Italy—and the Abu Dhabi-based Eagle Hills Development and Investment Company.
This partnership marks Eagle Hills’ first entry into the Italian market, reinforcing its expansion in Europe and demonstrating its commitment to revitalizing historical destinations through high-end hospitality projects.
The Grand Hotel de Bains joins Eagle Hills’ global portfolio of luxury hospitality, which includes over 90 properties managed by Mohammed Alabbar, the founder of Eagle Hills and Emaar Properties. Eagle Hills alone owns and operates more than 35 luxury hotels and is a prominent player in the global mixed-use real estate development sector, with a presence in over 12 countries. Its growing portfolio encompasses distinguished destinations across Europe, the Adriatic coast, the Middle East, and Africa, offering integrated communities and exceptional hospitality experiences.
Mohammed Alabbar, Chairman and Founder of Eagle Hills, stated: “This project is not just about restoration; it is about reviving a European heritage through contemporary excellence. Venice has always served as a bridge between worlds, and we are proud to be a part of its future by bringing our luxury hospitality expertise to one of the continent’s most iconic hotels.”
Manfredi Catella, Founder and Chairman of COIMA, commented: “This first partnership with Eagle Hills follows a thorough study of investment opportunities and is a significant step that reflects the strengthening ties between Italy and the United Arab Emirates, following the meeting between Italian Prime Minister Giorgia Meloni and His Highness Sheikh Mohammed bin Zayed Al Nahyan. The Grand Hotel de Bains is a symbol of Venice, recognized globally and a valuable asset of Italian cultural heritage. We will immediately work with public institutions in Venice to create a program that restores de Bains to its rightful place on the global tourism map.”