Signa bankruptcy Mohari Group wants to acquire Hotel Bauer in Venice from Signa
Following the insolvency of Rene Benko's Signa Holding, the "Mohari Hospitality Group", owner of the luxury hotel chain "Four Seasons", is conducting exclusive negotiations for the acquisition of the tradition-steeped Hotel Bauer in Venice.
08.08.2024, 12:32
SDA
The purchase price is around 309 million euros, Italian media reported. French tycoon Bernard Arnault, who had also signaled interest in the hotel, has withdrawn from the race for the luxury property, it was also reported. The "Mohari Hospitality Group" was founded by former Israeli-Canadian businessman Mark Scheinberg and focuses on luxury real estate.
A spokesperson for the administrator of Signa Prime declined to comment, stating that the insolvency proceedings were private. The Hotel Bauer is one of several luxury properties that will change hands as a result of Signa Prime's insolvency.
It is not the only resort that Signa owns in Italy. The real estate portfolio also includes Villa Eden on Lake Garda.
Renovation put on hold
King Street Capital Management was commissioned with the sale of the Hotel Bauer. Signa Real Estate acquired the famous hotel in 2019 from the Italian Bortolotto Possati family, who had owned it for three generations.
The acquisition was linked to a plan for extensive renovation, which included the creation of 90 luxury suites by 2025. The project was frozen due to Signa's difficulties.
Luxury hotel with a long history
Austrian entrepreneur Julius Grünwald and his wife were the first owners of the hotel. In 1930, the Hotel Bauer acquired a new owner, the Ligurian shipbuilder Arnaldo Bennati. Under his management, the hotel was completely restored.
During this extensive renovation, which lasted almost ten years, the hotel was given a new modern unit. The Liberty-style Hotel Bauer, which reopened in 1949 after the renovation work, was considered the most modern and elegant luxury hotel in Venice.
