High prices in Venice. Too tall. So much so that, according to rumors and market rumours, two well-known Italian operators, both listed on the stock exchange, are trying to sell luxury hotels. Without succeeding.
One is Cit, the Italian tourism company. The CEO Giovanni Natali, who arrived at the top of the company not only to ferry it towards the first market but above all to restore it, is focusing heavily on the sale of properties to clear up the fate of a melancholy budget. Natali's intention, as early as February 2003, was to obtain at least 300 million euros from the sale of a dozen villages and hotels. One of these was the 'jewel' located on the island of Sacca Sessola, on which the Hotel Sofitel Venezia in Isola stands. The island of Sacca Sessola, located in the Venice lagoon in front of San Marco, extends for approximately 160,000 square metres: the renovation works began in 2000 and include a resort hotel with 325 rooms, restaurants, conference centre, wellness centre, swimming pool, sports center and church for ceremonies. In June, word was spread of an offer for 80% of Progetto Venezia, the company which owns the island of Sacca Sessola in Venice, controlled by Cit (49%), the Gandolfi family (31%), and the Accor hotel group, with the remaining 20%. The offer appeared to be presented by an English real estate company and appeared to be very close to the 130 million euros requested by Natali. The operation, however, never took place. And Sacca Sessola is still for sale.
The second transaction in search of a buyer would then be that of the big picture Beni Stabili, now controlled by the Del Vecchio family. The San Clemente Palace, a super luxury hotel, also on an island in the lagoon, is on the market. The island of San Clemente was purchased in 2000 for 35 billion lire, but the overall investment amounts to approximately 65 million euros. In the meantime, Beni Stabili's strategy has changed: tourism is no longer its core business, we need to invest in offices. So San Clemente, managed by Turin Hotels International, must be sold, as they are trying to exit the partnership with Pierre & Vacances. The company does not confirm. But the well-informed add: .
source: Il Sole 24 ore
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