Arnault shopping in Venice? Negotiations for historic hotel in crisis
The billionaire Bernard Arnaultowner of the luxury giant Lvmhis among the candidates to take over the historian Bauer Hotel in Venice after the crisis Signa group of the Austrian entrepreneur Kidney Benko.
He brings it back Bloomberg highlighting that the Hotel Bauer, located on the Grand Canal, is one of the “jewels of the Austrian tycoon’s heritage”. The sale process of the historic hotel ran aground in complex entanglements with Signa’s creditors.
Signa Prime Selectionthe company that owned the site, had agreed on the sale of three Italian properties last April, including the Hotel Bauerto the Schoeller Grouprun by the German industrial family of the same name.
But a fund managed by King Street exercised its right to take control of the asset after the deal was announced. The investment needed to reopen the 110-room hotel is “another complication for potential buyers,” he says. Bloomberg. The site has been closed for renovation since 2022, and work was halted last year amid the housing crisis. Signa.
The Bauer hotelwhose sales process is managed by King Street Capital Managementattracted offers of more than 275 million euros from real estate companies and other investors.
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