Milan, 20 June 2025 – COIMA SGR, a leader in the investment, development and management of real estate assets on behalf of institutional investors, has finalised an agreement with lenders to purchase 100% of the legacy debt on the historic Grand Hôtel des Bains, in a move that paves the way for the full restoration of the landmark hotel on the Lido di Venezia with over 180 keys originally.
Partnering with COIMA, Eagle Hills’ entry into Italy marks a strategic progression of its growing European footprint and reinforces its long-term position of revitalizing iconic destinations through world-class hospitality.
This hotel adds to a global luxury hospitality portfolio of over 90 properties under the leadership of Mohamed Alabbar, founder of both Eagle Hills and Emaar Properties. Eagle Hills alone owns and operates more than 35 luxury hotels and stands among the world’s leading mixed-use development companies, with a presence in over 12 countries. Its growing portfolio spans premier destinations across Europe, the Adriatic, the Middle East, and Africa—delivering integrated communities and iconic hospitality experiences.
In Europe, Eagle Hills is advancing a portfolio of more than 30 luxury hospitality assets, both operational and underway with strategic presence along the Adriatic coast, particularly across Croatia and Albania. A key milestone in this growth is the newly restored Bristol Hotel in Belgrade, Serbia – an architectural landmark revived as a timeless luxury destination within the Belgrade Waterfront. The company’s expansion into Italy reinforces a natural progression of Eagle Hills’ commitment to preserving heritage, connecting communities and creating exceptional destinations.
The project to restore and modernise the hotel will be financed through the COIMA Des Bains Fund – a new investment vehicle jointly backed by the COIMA ESG City Impact Fund, Italy’s largest national urban regeneration fund, backed by a range of institutional investors, including Cassa Forense, ENPAM, Inarcassa, Cassa dei Commercialisti, Intesa Sanpaolo, Compagnia di San Paolo, Fondazione Padova e Rovigo, Fondo Pensione Monte dei Paschi di Siena, and Fideuram Vita, and Eagle Hills, a real estate development and investment company based in Abu Dhabi, led by Mohamed Alabbar, Chairman and founder of Emaar.
The investment program also represents an important sign of appreciation for the political stability and economic development of Italy, particularly in the hotel and tourism sector, also following the institutional visit of the His Highness Sheikh Mohamed bin Zayed Al Nahyan in February 2025 and the consolidation of the collaborative relations between Italy and the United Arab Emirates.
The COIMA ESG City Impact Fund is focused on urban regeneration and on the sustainable reuse of existing buildings, delivering positive social and environmental impact. Projects backed by the fund include the regeneration of the Porta Romana Railway Yard in partnership with Prada Holding and Covivio, as well as the 2026 Winter Olympics Athletes’ Village in Porta Romana, in partnership with Cassa Depositi e Prestiti and Intesa Sanpaolo, which will become Italy’s largest purpose-built student accommodation development after the Games.
Federico Marchetti, entrepreneur in the sustainability sector and founder of YOOX Net-A-Porter Group, will participate to the program with a minority stake through its investment company Mavis.
COIMA and Eagle Hills will also consider opening the COIMA Des Bains Fund to other institutional and professional investors, aiming to contribute the regeneration of the Lido of Venice island where the Film Festival take place.
The hotel will be sensitively restored, renovated and returned to use as a modern high end resort hotel. The plans will also see the improvements to the park and public realm surrounding the iconic building, as well as restoration and modernisation of the beach front, already ongoing. The sponsors will promptly share the program with the public institutions of Venice in order to establish the basis to proceed in the restoration of the property which has remained closed for over 15 years.
The deal sees COIMA Des Bains Fund acquire the loan with a nominal value of €54m held against the hotel, a legacy from the previous owner. The agreement unlocks COIMA’s plans to invest indicatively €200m in the complete restoration and modernisation of the hotel, bringing what was once a monument to Venice’s Belle Époque splendour back to life.
The Grand Hôtel des Bains opened in 1900 and was conceived as a luxurious seaside retreat to attract Europe’s elite. Celebrated for its grandeur, the hotel became a symbol of modernity and opulence, and gained literary fame when Thomas Mann stayed there in 1911, inspiring his novella Death in Venice, which was later adapted into a film shot on-site in 1971.
Over the decades, it hosted aristocrats, artists, and celebrities, especially during the Venice Film Festival when it was a favoured destination for film stars. However, the hotel has been closed since 2010 when the previous owner, Est Capital, abandoned plans to transform the historic building into luxury apartments.
Mohamed Alabbar, Chairman and founder of Eagle Hills, said: “This is more than a restoration – it is a revival of European legacy through modern excellence. Venice has always been a bridge between worlds, and we are proud to be part of its future, bringing our experience in luxury hospitality to one of the most symbolic hotels on the continent.”
Manfredi Catella, COIMA founder and CEO, said: “This first partnership with Eagle Hills, after having explored extensively investment opportunities, represent an important step looking forward and a sensitive sign of consolidation of relationship between Italy and UAE also following the meeting between our Prime Ministry Giorgia Meloni and His Highness Sheikh Mohamed bin Zayed Al Nahyan. The hotel Des Bains represents a symbol of Venice in the world and a precious heritage of our country. We will promptly start sharing the program with the public institutions to establish all the necessary premises to make the Des Bains back on the world map of tourism.”
COIMA
COIMA is a specialist in the investment, development and management of Italian real estate assets, focused on delivering an ESG impact. COIMA Holding controls a range of operating companies including COIMA SGR, an investment & asset management firm which manages over 40 real estate investment funds with more than €13 billion in investments; COIMA REM, a development and property management company which has dedicated 50 years developing and managing properties which now spans a total of over 5 million square metres; and COIMA HT which aims to enable the digitalization of physical spaces.
The COIMA ESG City Impact Fund is focused on the sustainable reuse of existing buildings, delivering positive social impact through urban regeneration. Projects backed by the fund include the 2026 Winter Olympics Athletes’ Village in Porta Romana, Milan, which will become Italy’s largest purpose-built student accommodation development after the Games.
