Venice San Marco, Italy
Opening
1790
Acquisition
2021
ROOMS
184
lettable area
10,000 sqm
Operator
Bonvecchiati SpA
The Hotel
The ECE European Lodging Recovery Fund signed a 20-year lease agreement with the international operator Palladium Hotel Group for their lifestyle boutique brand Only YOU Hotel. The hybrid lease provides for an indexed minimum guaranteed rent as well as a variable turnover rent. Thus, fund investors benefit from both inflation protection and participation in the trading upside from the €40+ million value-add repositioning project once the hotel reopens as Only YOU Bonvecchiati Venice in 2026.
Situated 150m from Piazza San Marco in the very heart of Venice, the future Only YOU Bonvecchiati Hotel, previously comprised of the Hotel Bonvecchiati and the Palace Bonvecchiati hotels, is perfectly situated in what is one of the globally established tourism destinations and a UNESCO World Heritage site. The asset has a long-standing history which the future concept will build upon.
Due to its scale and prime location with direct access by gondola or boat and conveniently located on Calle Goldoni, one of the main pedestrian arteries, connecting Piazza San Marco and the equally famous Rialto bridge, the hotel will benefit from international demand and offer full-service facilities of a 5* hotel including its own canal side terrace restaurant, bars, courtyard café, bakery and brasserie.
ADDITIONAL INFORMATION: Click here for our hotel book
The Investment Strategy
- Acquired in 2021 by the ECE European Lodging Recovery Fund
- Significant value creation plan via a “manage-to-core” strategy under implementation:
- Reconfiguration of the buildings to create one single hotel connected via a central lobby, converting the historic courtyard as the exclusive entrance, creating a single identity, opening up the hotel to the outside while increasing the income earning area with an efficient layout.
Status: Planning approval, building permit obtained, works on site commenced Q1, 2024. - Comprehensively upgrade front- and back-of house including upgrade to technical installations to achieve a LEED Gold certification.
Status: Stunning interior design and technical planning finalised - Reposition the hotel in 5* lifestyle segment, a USP in the Venice market for a hotel of this size (168 rooms):
Status: Rebranding as Only YOU Hotel will offer curated lifestyle hospitality and diverse gastronomy concepts for hotel guests and locals alike. - Transfer the business operations to an internationally branded hotel tenant ensuring professional management, global distribution and income security for the Fund:
Status: 20-year institutional lease signed with Palladium Hotel Group.
- Reconfiguration of the buildings to create one single hotel connected via a central lobby, converting the historic courtyard as the exclusive entrance, creating a single identity, opening up the hotel to the outside while increasing the income earning area with an efficient layout.
Address:
Calle Goldoni, 4488
30124 Venezia
Italy
