PGIM Real Estate, Dekus and HNH Hospitality acquire Verona hotel

PGIM Real Estate has partnered with Dekus and HNH Hospitality to co-invest in the Hotel Leon d'Oro in Verona, Italy. 

Hotel Leon d’Oro in Verona, Italy

This is the second investment for PGIM Real Estate and Dekus' joint venture, established less than a year ago and funded by PGIM Real Estate's European value-add strategy. 
Savills IM acquired the hotel on behalf of the venture for an undisclosed price.
The hotel, purchased from a private Italian family, will undergo a full refurbishment, including upgrades to guest rooms, common areas, and mechanical systems to improve its ESG profile. 
The Hotel Leon d’Oro is located in central Verona, close to the city’s major attractions, including the Arena di Verona and the city centre.
HNH Hospitality will be a minority shareholder, the operator, and the tenant, rebranding the hotel under the Hilton-DoubleTree brand. 
This partnership allows PGIM Real Estate to target additional opportunities in major Italian cities and tourist destinations, converting privately owned hotels into branded, renovated properties. 
Musie Bocrezian, head of Italy at PGIM Real Estate, commented: “Hotel performance in Italy is strong, supported by solid market fundamentals and the rise in tourism. Through strategic acquisitions and active asset management via our European value-add strategy, we remain bullish on hospitality in Southern Europe, and we’re looking forward to partnering with HNH and Dekus for Hotel Leon d’Oro.”
Mauro Montagner, CEO of Dekus, said: “Verona is a dynamic market, characterized by solid fundamentals and a growing interest in the hospitality sector. This acquisition reflects our strategic vision focused on enhancing assets located in prime locations through real estate redevelopment initiatives combined with high-level industrial partnerships such as the one with HNH. The operation further strengthens our collaboration with PGIM Real Estate, with whom we share an approach defined by value creation.”
Luca Boccato, CEO at HNH, added: “We are very proud to announce our first venture where we are involved not only in hotel management but also as minority shareholders. This is a strategic step for us, as it allows us to both leverage our expertise in hospitality management and contribute directly to the project’s development through our investment. This new direction, undertaken together with highly prestigious partners, holds special significance for us, as it is taking shape in one of the main cities of our region — a place we are deeply connected with.”