The German Schoeller family of industrialists takes over three projects of the insolvent Signa Prime in Italy. These include the well-known 5-starHotel Bauer in Venicewhich is under construction WaltherPark and the development project Long live Virgolo in Bozen.
The relevant contracts have already been signed, as Signa Prime’s restructuring manager announced on Friday. It was agreed not to disclose the purchase price.
At the WaltherPark in Bolzano it is a city project with a shopping center, hotel, apartments and office space. Construction is progressing quickly and the opening is planned for spring 2025. At the project Long live Virgolo It is about the acquisition and development of Bolzano’s local mountain, Virgl, with a cable car.
The historical one Hotel Bauer in Venice on the Grand Canal has only been part of Signa’s portfolio since 2020 and has been fundamentally renovated since November 2022. Once renovations are complete, it will reopen under Rosewood’s management.
In mid-March, the Schoellers were rejected with another offer. They originally wanted to acquire the properties from Prime Assets GmbH, which the restructuring manager Norbert Abel had put up for sale as a package. At that time, the creditors’ committee of the insolvent Signa Prime had not approved the sale of the real estate package consisting of the “Goldenes Quartier”, Hotel Park Hyatt and the Constitutional Court building in Vienna as well as the Tyrol department store in Innsbruck to the German industrialists.
This time, Signa Prime’s restructuring administration approved the transaction and the creditors’ committee also agreed; it dealt with it on Thursday. Subject to regulatory approvals, the sale is expected to be completed in a few months.