Italy Greenlights Major Revival of Grand Hôtel des Bains in Venice with COIMA and Eagle Hills Leading Luxury Investment Drive

Published on June 19, 2025

Italy has officially approved a major revival of the iconic Grand Hôtel des Bains in Venice, setting the stage for its transformation into a modern luxury resort through a €200 million investment led by COIMA and Eagle Hills. This landmark initiative follows the acquisition of the hotel’s legacy debt and marks a strategic partnership between Italian and international investors aimed at restoring the historic Belle Époque-era property, which has remained closed for over fifteen years. The project is designed not only to preserve cultural heritage but also to boost sustainable tourism, enhance the surrounding public spaces on the Lido, and reinforce Italy’s reputation as a premier global destination for high-end hospitality.

Italy’s celebrated Grand Hôtel des Bains on Venice’s iconic Lido is set for a remarkable return to prominence, as COIMA SGR and Eagle Hills unveil an ambitious €200 million plan to restore and modernize the historic property. This revitalization not only marks a major milestone in European luxury hospitality but also reinforces confidence in Italy’s stable economic climate and the global allure of Venice as a top-tier destination.

COIMA and Eagle Hills Unite for a Landmark Transformation

COIMA SGR, a Milan-based investment and real estate management company, has reached a key agreement with lenders to acquire one hundred percent of the legacy debt tied to the Grand Hôtel des Bains. This strategic financial breakthrough unlocks the opportunity to reimagine and restore the historic Belle Époque-era landmark into a vibrant luxury destination.

The initiative will be financed by the newly launched COIMA Des Bains Fund. This dedicated vehicle draws support from Italy’s largest national urban regeneration initiative, the COIMA ESG City Impact Fund, and from Eagle Hills, a leading real estate group headquartered in Abu Dhabi.

Strategic Investment Vehicle: The COIMA Des Bains Fund

A specially structured investment vehicle, the COIMA Des Bains Fund represents an innovative collaboration aimed at breathing new life into the Grand Hôtel des Bains, setting a new benchmark in European real estate partnerships. The fund pools capital from key institutional investors including Cassa Forense, ENPAM, Inarcassa, Intesa Sanpaolo, Cassa dei Commercialisti, Compagnia di San Paolo, Fondazione Padova e Rovigo, Fondo Pensione Monte dei Paschi di Siena, and Fideuram Vita.

This initiative further benefits from the involvement of Mavis, an investment entity linked to a renowned sustainability entrepreneur. COIMA and Eagle Hills are also considering opening the fund to additional institutional and professional investors, further emphasizing their commitment to large-scale sustainable urban development.

Eagle Hills Expands in Europe with a Focus on Italy

Eagle Hills’ participation in the Venice project is a natural extension of its strategic European expansion. With over thirty luxury hospitality assets in Europe, many of which line the Adriatic coastline in Croatia and Albania, Eagle Hills continues to distinguish itself as a transformative force in international property development.

The group’s involvement in the Grand Hôtel des Bains redevelopment follows other high-profile projects, including the restoration of Belgrade’s historic Bristol Hotel—a triumph of heritage preservation and luxury design. This Italian investment solidifies Eagle Hills’ intent to foster sustainable communities and elevate historic landmarks into modern hospitality icons.

A Revival Anchored in Urban Regeneration and Sustainability

The COIMA ESG City Impact Fund stands as a leading model for advancing sustainable urban transformation initiatives across Italy. Its goal is to rejuvenate communities and heritage sites through environmentally and socially responsible real estate ventures.

Among its achievements are the regeneration of the Porta Romana Railway Yard and the development of the Athletes’ Village for the 2026 Winter Olympics in Milan, both of which demonstrate the fund’s commitment to revitalizing Italian infrastructure in harmony with local history and ecology.

The transformation of the Grand Hôtel des Bains will honor its original architectural legacy while breathing contemporary vitality into one of Venice’s most treasured historic landmarks.

Unlocking a New Chapter in Venetian Tourism

The financial agreement was concluded through the purchase of outstanding debt from Intesa Sanpaolo and Altea SPV, a securitization entity that had previously assumed part of the original UniCredit loan. The associated notes were held by Christofferson, Robb & Company (CRC), with Prelios Credit Servicing overseeing the management of the credit portfolio. The nominal value of the debt stands at €54 million, providing a clear path forward for the redevelopment.

With this strategic financial foundation in place, COIMA and Eagle Hills are set to invest approximately €200 million to completely restore and modernize the Grand Hôtel des Bains. The restoration encompasses the hotel building itself, surrounding parklands, beachfront areas, and public access zones—all aligned with sustainable urban development principles.

Bringing Back the Belle Époque Splendor

Originally opened in 1900 with one hundred eighty opulent rooms, the Grand Hôtel des Bains was conceived as an exclusive seaside haven designed to cater to the refined preferences of Europe’s aristocratic elite. Its legacy is steeped in cultural and literary history—most notably serving as the inspiration for Thomas Mann’s Death in Venice, penned during his 1911 stay. The hotel later became the filming location for Luchino Visconti’s adaptation of the novella in 1971.

The hotel flourished as a preferred venue during the Venice Film Festival, hosting a distinguished clientele that included royalty, artists, and Hollywood elites. However, it has remained shuttered since 2010 following the collapse of a prior redevelopment effort.

The new restoration plans aim to return the hotel to its former prestige while modernizing it into a world-class luxury destination. Emphasis will be placed on sensitive architectural preservation, enhanced guest amenities, and integrated landscape improvements.

Urban Renewal Beyond the Hotel

More than a hospitality project, this development is positioned as a catalyst for broader regeneration across Lido di Venezia. The hotel’s beachfront will undergo significant rehabilitation, reintroducing public accessibility and environmental upgrades to the surrounding landscape.

The developers are committed to working hand-in-hand with local Venetian authorities to ensure that restoration aligns with city planning goals and enhances the community’s economic and social vibrancy. As such, the initiative is also designed to support the long-term success of the Venice Film Festival and establish the Lido as a year-round premium travel destination.

Strengthening UAE-Italy Economic Ties

This major investment also signals a deepening relationship between Italy and the United Arab Emirates. Following the official state visit by His Highness Sheikh Mohamed bin Zayed Al Nahyan in February 2025, bilateral cooperation between the two nations has accelerated in multiple sectors, including real estate, infrastructure, and tourism.

Eagle Hills’ strategic partnership in Venice underscores the UAE’s commitment to fostering economic opportunity and cultural exchange through high-impact investments in Europe.

A New Era for Venice Luxury

The Grand Hôtel des Bains project epitomizes the intersection of history, luxury, and sustainability. It showcases a forward-thinking investment model designed to deliver cultural preservation, economic renewal, and sustainable tourism growth in one of Italy’s most iconic destinations.

With €200 million committed and a comprehensive plan for revitalization in motion, the Grand Hôtel des Bains is on track to reclaim its position as a cornerstone of Venetian elegance and a flagship of global hospitality excellence.

Italy has approved the full-scale restoration of Venice’s historic Grand Hôtel des Bains, with COIMA and Eagle Hills spearheading a €200 million investment to transform the long-closed landmark into a world-class luxury resort. The project aims to revive the Belle Époque icon while boosting sustainable tourism and urban regeneration on the Lido.

The revival of the Grand Hôtel des Bains is more than a real estate project—it is a cultural and economic renaissance. As COIMA and Eagle Hills breathe new life into this architectural gem, they also catalyze wider transformation across Venice’s Lido, restoring pride in the past while building for the future. With careful stewardship, visionary planning, and international cooperation, the Grand Hôtel des Bains will once again become a beacon of timeless luxury and enduring significance.