Following the bankruptcy of Signa Prime, owned by Tyrolean real estate juggler René Benko, the Mohari Hospitality Group, owner of the luxury hotel chain Four Seasons, has taken over the traditional Hotel Bauer in Venice.
The purchase price is around 300 million euros, the Milanese business newspaper ‘Sole 24 Ore’ reported on Thursday. 150 million euros will be invested in the modernization of the 120 guest rooms. The Rosewood Group will operate the hotel.
Mohari Hospitality Group, founded by former Israeli-Canadian businessman Mark Scheinberg, focuses on luxury real estate. Hotel Bauer is one of several top hotels to change hands following Signa’s bankruptcy, and it’s not the only resort Signa has in Italy.
King Street Capital Management was commissioned to sell Hotel Bauer. Signa Real Estate took over the famous hotel in 2019 from the Italian Bortolotto Possati family, who had owned it for three generations.
Construction of 90 luxury suites planned
The purchase was accompanied by a plan for a thorough renovation, with 90 luxury suites to be created by 2025. Due to the Signa imbalance, the project was put on hold.
The Austrian entrepreneur Julius Grünwald and his wife were the first owners of the hotel. In 1930, Hotel Bauer had a new owner, the Ligurian shipbuilder Arnaldo Bennati. Under his leadership the hotel was completely restored.
The extensive renovation took almost ten years. Reopened in 1949 after renovations, the Liberty-style Hotel Bauer was considered the most modern and elegant luxury hotel in Venice.
Source: Krone
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