The German Schoeller family of industrialists has taken over three projects from the insolvent Signa Prime in Italy, including the famous 5-star Hotel Bauer in Venice, the under-construction WaltherPark, and the development project Long live Virgolo in Bozen. The contracts for these projects have already been signed, but the purchase price has not been disclosed.
WaltherPark in Bolzano is a city project that includes a shopping center, hotel, apartments, and office space. Construction is progressing quickly, with plans to open in spring 2025. Long live Virgolo in Bolzano involves the acquisition and development of the local mountain, Virgl, with the addition of a cable car.
The Hotel Bauer in Venice, located on the Grand Canal, has been part of Signa’s portfolio since 2020 and has undergone major renovations since November 2022. Once renovations are complete, it will reopen under Rosewood’s management.
The Schoeller family had previously been rejected with another offer in mid-March when they attempted to acquire properties from Prime Assets GmbH. This time, however, Signa Prime’s restructuring administration approved the transaction, and the creditors’ committee also agreed. The sale is expected to be completed in a few months pending regulatory approvals.