Construction Eagle Hills and Italian partner to restore Venice hotel By Pramod Kumar June 17, 2025, 8:02 AM Alamy via Reuters Eagle Hills' first project in Italy is to breathe new life into Venice's historic Grand Hôtel des Bains, along with local investor Coima Working with local investor Coima Eagle Hills’ first project in Italy $232m investment planned Abu Dhabi developer Eagle Hills Properties and Italian investment vehicle Coima are to restore the Grand Hôtel des Bains in Venice after buying its legacy debts. The two companies will invest €200 million ($232 million) to refurbish the hotel through the jointly launched Coima Des Bains fund. The luxury hotel opened in about 1900 with 180 rooms, but has remained empty since 2010. Its legacy debts stood at €54 million. “This is more than a restoration – it is a revival of European legacy,” said Mohamed Alabbar, chairman and founder of Eagle Hills. GCC countries and business leaders have for years focused on diversifying their revenue streams away from hydrocarbons and investing in assets around the world. These goals have taken on extra urgency amidst escalating geopolitical tensions in the region, as a result of ongoing strikes between Iran and Israel. Coima CEO Manfredi Catella said restoration work would begin promptly in co-ordination with local authorities. Est Capital, the previous owner, had sought to transform the site into luxury apartments, but the project was never realised. Eagle Hills signs $5.7bn deal to develop projects in Georgia Eagle Hills plans Trump hotel project with Kushner Eagle Hills gets claws into Indonesia The property was placed into administration in 2014 before being acquired by Hines Italia, along with several other Venetian hotels. The deal is Eagle Hills’ first project in Italy, expanding its international assets to more than 90. The companies are also consider opening the fund to other institutional and professional investors, with the goal of supporting the regeneration of the Lido di Venezia, home to the Venice Film Festival. In May 2024 Eagle Hills announced a €3 billion investment in the Latvian capital Riga to develop a waterfront project. It plans to build 8,000 luxury homes for 30,000 residents. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
