Main Photo: The Baglioni Hotel Luna, Venice
Date: February 2021
Location: Piazza San Marco, Venice, Italy
Name: Baglioni Hotel Luna
No. of Keys: 91
Seller: The deal is a sale and lease back of Baglioni Luna, from Baglioni Hotels & Resorts.
Buyer: Billionaire London-based property investors, the Reuben Brothers, have acquired the Baglioni Hotel Luna in Venice for approximately €100 million. The 93-room and suites luxury hotel, 90,000 sqf building dates back to the 12th century and is one of the oldest in the city, with some of its frescos deriving from the students of the foremost 16th century Venetian painter, Gianbattista Tiepolo. It sits a stone’s throw away from Piazza San Marco. Refurbishment is underway, with the goal to re-open the renovated Baglioni in Summer 2021.
The acquisition comes as part of a strategic partnership with Baglioni to help facilitate the rollout of the brand worldwide and is the Reuben Brothers’ second hotel investment in Venice, where they also own the recently opened Palazzo Experimental, a boutique property on the Giudecca Canal.
The expansion will be managed and developed by Patrimonia Real Estate, who also originated and assisted the Reubens on the transaction.
The acquisition is the latest addition to the Reuben’s existing European pipeline, joining properties in Capri, Rome and Verbier, together with London’s In & Out Club on Piccadilly, Great Marlborough St. in Soho and the soon-to-be launched Mondrian Shoreditch and Curtain Members’ Club. In New York City meanwhile, the brothers recently acquired The Surrey Hotel, an iconic property on Manhattan’s Upper East Side.
“The acquisition of one of the leading luxury hotels in Venice plays perfectly into our wider strategy and complements our existing portfolio, which now also includes the famous La Palma Hotel in Capri,” says Jamie Reuben. “The investment further underlines our belief in the strength of the Venice market. We are also pleased to work with Baglioni Hotels in developing their brand into new markets.”
Baglioni Hotels & Resorts was founded in 1974 by Roberto Polito and represents the only independent luxury Italian hospitality brand with hotels in Rome, Venice, Florence, Punta Ala – Tuscany, London and Maldives. Guido Polito, CEO of Baglioni Hotels & Resorts, adds: “Baglioni is proud that an important investor such as Reuben Brothers has seen the potential of the Baglioni brand in the luxury hotel market and has showed a strategic alignment with us regarding the future development in Italy and internationally.”
Price per Key: €1,098,901
THPT Comment: No stopping the Reuben brothers in assembling this array of boutique hotels and fab news for Baglioni.
First Seen: Sleeper magazine
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.