The Reuben Brothers, private equity, real estate investment and development company, has acquired a historic property in the center of Rome and entered into contractual arrangements with Corinthia Hotels to develop, lease and operate it as an ultra-luxury hotel.
The property is the former seat of the Central Bank of Italy on Parliament Square. Plans for the property include, in addition to guest suites and bedrooms, restaurants and bars wrapping around a central garden, as well as a spa and a rooftop space. Additional hotel details are not yet available, as design work is underway, and works are expected to start in 2020. The Corinthia in Rome is targeting a premium positioning in the city’s hotel market.
The Rome acquisition is the latest addition to the Reuben’s existing pipeline of hotel investments and developments in the UK. and Europe, including in Il Palazzo Experimental in Venice, Experimental Chalet in Verbier and the Curtain Hotel and Members’ Club in Shoreditch.
The hotel follows Corinthia’s tradition of restoring 19th-century buildings across Europe: The Corinthia London, Corinthia Budapest (formerly the Grand Hotel Royal) and Corinthia Hotel St. Petersburg, Russia are all 19th-century landmark properties that have been acquired, redeveloped and relaunched by Corinthia Hotels. In Brussels, the former Grand Hotel Astoria is being transformed back to its original splendour, while Corinthia is also transforming the former Grand Hotel du Boulevard in Bucharest. Corinthia Hotel & Residences Moscow is under development on Tverskaya, Moscow’s main avenue.