Coima to invest €200m for restoration of iconic Venice hotel

Italian real estate investor Coima, in partnership with Eagle Hills, has made a deal with banks to buy the debt of the historic Grand Hôtel des Bains in Venice, allowing for its restoration. 

Grand Hôtel des Bains in Venice

This project will be funded through the Coima Des Bains Fund, which is backed by the Coima ESG City Impact Fund and UAE-based real estate developer Eagle Hills. The ESG Fund includes various institutional investors, showing a strong commitment to urban regeneration and sustainable building reuse.
Coima's plans involve a €200 mln investment to restore and modernize the Grand Hôtel des Bains, which has been closed for over 15 years. The hotel, which was first opened in 1900, was a luxurious destination for Europe’s elite. The restoration will include improvements to the surrounding park and beachfront, and Coima and Eagle Hills will work with local authorities on the plans.
The hotel has a rich history, hosting famous personalities and becoming a symbol of elegance, particularly during the Venice Film Festival. It closed in 2010 when earlier plans to convert it into luxury apartments fell through. The new plan aims to bring this iconic hotel back to life and make it a modern high-end resort.
Manfredi Catella, Coima founder and CEO, said: “The Grand Hôtel Des Bains is a symbol of Venice recognised around the world and a treasured part of Italy’s cultural heritage. We will promptly begin working with Venice’s public institutions to put a programme in place that restores the Des Bains to its rightful place back on the global tourism map.”
The Coima ESG City Impact Fund, which focuses on urban regeneration and the sustainable reuse of existing buildings, brings together a range of institutional investors, including Cassa Forense, ENPAM, Inarcassa, Cassa dei Commercialisti, Intesa Sanpaolo, Compagnia di San Paolo, Fondazione Padova e Rovigo, Fondo Pensione Monte dei Paschi di Siena, and Fideuram Vita.
Projects backed by the fund include the regeneration of the Porta Romana Railway Yard in partnership with Prada Holding and Covivio, as well as the 2026 Winter Olympics Athletes’ Village in Porta Romana, in partnership with Cassa Depositi e Prestiti and Intesa Sanpaolo, which will become Italy’s largest PBSA development after the Games.