The Schoeller family of industrialists, based in Germany, has recently acquired three projects from the insolvent Signa Prime in Italy. These projects include the famous 5-star Hotel Bauer in Venice, the under-construction WaltherPark in Bolzano, and the development project Long live Virgolo in Bozen. Although the purchase price for these projects has not been disclosed, contracts have already been signed and construction is progressing quickly.
WaltherPark in Bolzano is a city project that will include a shopping center, hotel, apartments, and office space. Plans are to open the park in spring 2025. Long live Virgolo in Bozen involves the acquisition and development of the local mountain, Virgl, with the addition of a cable car.
The Hotel Bauer in Venice 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.
Although this was not their first attempt to acquire properties from Prime Assets GmbH, the Schoeller family had previously been rejected with another offer in mid-March when they attempted to acquire properties from Signa Prime. However, this time around their offer was approved by Signa Prime’s restructuring administration as well as by creditors’ committee and they expect to close on the sale soon pending regulatory approvals.
