CPP Investments and Hamilton - Pyramid Europe, through a joint venture, have acquired a Rome luxury best-in-class hotel as their first asset for €172 mln.
The W Rome was sold by global investment fund King Street and real estate investor and developer Omnam Group.
Italy's first W Hotel, a leading luxury lifestyle and hospitality brand, is distributed across two-19th century buildings, and was re-opened in April 2022 after a full redevelopment.
The hotel, which is BREAAM certified, comprises of 162 luxury rooms, 48 private balconies, exclusive terraces on the top floors, a rooftop with bar and swimming pool as well as a lush inner courtyard garden.
The unique food and beverage offering includes Giano Restaurant, led by two-Michelin star chef Ciccio Sultano, Zucchero, a pastry shop by world-renowned pastry chef Fabrizio Fiorani, and the W Lounge.
The W Rome is located in the Ludovisi District in central Rome, near the renowned Via Veneto and famed tourist sites, as well as many corporate occupiers and embassies.
Andrea Orlandi, managing director, head of real estate Europe at CPP Investments, said: ‘Rome has historically been a top destination globally for both leisure and business travel, and we believe this will continue to be the case for decades to come. The acquisition of the W Rome positions our joint venture with Hamilton - Pyramid Europe well to capitalise on the continued strength of Rome as a travel destination.’
Tobi Weissinger, partner at Hamilton - Pyramid Europe, added: ‘We are delighted to be completing the acquisition of the W Rome in JV with CPP Investments. We have strong conviction in the long-term potential of the asset as one of Rome's leading luxury lifestyle hotels, given the excellent location in the heart of the city, the fantastic quality of the hotel and the market-leading brand.’
Paul Brennan, managing director and head of European real estate, King Street, commented: ‘The transaction is representative of King Street's ability to successfully reposition and deliver a trophy hotel into a difficult-to-access market which has an under-representation from major international brands.’
David Zisser, CEO and founder, Omnam Group, said: ‘The transaction is a testimony of the strengthening of the Roman market and the W brand. This sale demonstrates Omnam's ability to create lifestyle luxury experiences that celebrate their destinations, whilst honouring its environment.’
Established earlier this year, the JV aims to acquire operating hotels in key European gateway cities and select resort destinations. In August 2022, CPP Investments announced the commitment of €475 mln to the JV.
King Street and Omnam Group were advised by DLA Piper.