German Industrialists Take Over Italian Signa Prime’s Struggling Projects: From Historic Venice Hotel to Bozen Cable Car Development
The Schoeller family of industrialists from Germany has recently taken over three projects from the insolvent Signa Prime in Italy. These projects include the historic 5-star Hotel Bauer in Venice, the under-construction WaltherPark in Bolzano, and the development project Long live Virgolo in Bozen.
WaltherPark is a city project that includes a shopping center, hotel, apartments, and office space. Construction is progressing rapidly with an opening planned for spring 2025. The Long live Virgolo project involves the acquisition and development of Bolzano’s local mountain, Virgl, which includes a cable car.
The Hotel Bauer in Venice has been part of Signa’s portfolio since 2020 and underwent significant renovations since November 2022. Once renovations are complete, the hotel will reopen under Rosewood’s management.
The Schoellers had previously been rejected with another offer in mid-March but this time, the restructuring administration of Signa Prime approved the transaction and the creditors’ committee agreed. Subject to regulatory approvals, the sale is expected to be completed in a few months. Details about the purchase price have not been disclosed.
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