InterContinental to make a comeback in Rome [Construction Report]
InterContinental Rome plans to offer guests a “rich and unforgettable experience”.
IHG has signed a deal with Westmont Hospitality Group and funds managed by Oaktree Capital Management to bring its luxury hotel brand back to the Eternal City.
One of the world’s largest hotel groups, IHG, has set out its vision to launch a new property in Italy. Due to open in 2022, the InterContinental Rome will mark a return to Italy’s capital for the luxury hotel brand. We find out more about this exciting development.
Rome is where the heart is for InterContinental
IHG has announced the signing of a franchise agreement with Westmont Hospitality Group and funds managed by Oaktree Capital Management for the landmark scheme. It means that InterContinental Rome will soon become the latest addition to IHG’s global portfolio of 213 hotels and continue the expansion of its European presence.
Willemijn Geels, vice president of development, Europe at 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.”
A renaissance of luxury
The InterContinental Rome will be located on Via Veneto – the existing property, which features 160 rooms and suites, a restaurant, bar, spa and public areas, will be restored to create a sense of discreet modern luxury for guests. Located near the Villa Borghese, one of the city’s top artistic and cultural attractions, the palazzo building was designed by architect Carlo Busiri in the early 1900s, originally housing ambassadors staying in Rome, and was transformed into a hotel in 1993.
IHG is known around the world for its high standards and this property will join the recently signed Six Senses Rome, as well as InterContinental’s other 44 luxury hotels in Europe, in cementing its reputation in the luxury market.
Rebuilding tourism in Italy after Covid19
Italy is one of the countries that has been most affected by the Covid19 pandemic, but as restrictions have started to lift following a severe lockdown, hospitality businesses are hoping to return to some semblance of normality as quickly as possible. Besides IHG, Oaktree and Westmont Hospitality Group, the consortium also features UniCredit, and the project is held by a newly established real estate investment fund managed by Milan-based Castello SGR.
Alfredo Maria De Falco, deputy head of CIB and head of CIB Italy at UniCredit, said: “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.”
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