IHG has signed an agreement to open a hotel under its InterContinental brand in Rome in 2022.
The hotel will be close to the Villa Borghese after the existing property - which includes 160 rooms and suites, a restaurant, bar, spa and public areas - is restored.
Designed in the early 1900s by architect Carlo Busiri Vici in the neo-renaissance style, the palazzo
IHG joins a consortium including Oaktree, Westmont Hospitality Group, strategic investment partner and operator, and UniCredit S.p.A, the project’s senior lending bank. The project is held by a newly-established real estate investment fund managed by Milan-based Castello SGR.
Willemijn Geels, VP, development, Europe, IHG, said: “The signing of an InterContinental in Rome represents an important moment in the growth of our luxury portfolio and brand presence across Europe. In these challenging and unprecedented times, this signing shows the continued trust our owners and partners place in IHG and our brands. We are delighted to partner with Oaktree Capital and Westmont Hospitality Group and look forward to offering InterContinental guests a rich and unforgettable experience in the Eternal City.”
Alfredo Maria De Falco, deputy head of CIB & head of CIB Italy at UniCredit commented: “Confirmation by primary international investors of their commitment to Italy even in this difficult time is a strong signal of the country's unimpaired attractiveness as a cultural, tourist and business destination. UniCredit is a strategic partner for the development of large real estate projects and we are happy to support this important initiative in a sector, such as the luxury hotel industry, which can be a driving force for the recovery of tourism in Italy.”