Leading asset management company Castello SGR has purchased the Grand Hotel in Poltu Quatu, Sardinia, Italy, for €70 million.
The 139-room hotel and more than 100 external residential buildings in Poltu Quatu on the Costa Smeralda, were bought after months of negotiations. The hotel in the municipality of Arzachena will be managed by Marriott under the “W Hotels” brand.
Iconic Grand Hotel in Poltu Quatu
Castello SGR aims to create one of the most iconic 5-star lifestyle hotels in the North of Sardinia by redeveloping and rebranding the complex, in a way certified by international ESG standards.
The redevelopment will be integrated with the Marina, a port overlooking the Maddalena archipelago, with more than 240 residential units, 150 of which will be in the new W hotel.
Leading destination of the world
Giampiero Schiavo, CEO of Castello SGR, says, “With this operation, we are supporting the repositioning of several properties in the super luxury segment, helping to consolidate Arzachena with the Costa Smeralda as a leading destination in the world.”
The purchase was carried out through the new Gem Fund, which includes primary institutional investors and family offices among its shareholders.
Castello SGR is part of the ANIMA Group, which has a portfolio of around €1 billion made up of 32 properties with more than 4,000 rooms.
Super luxury segment
Giampiero Schiavo says, “The operation takes place in a context of great attention towards the Sardinia Region by international luxury brands, demonstrated by numerous recent hotel acquisitions. In the hospitality segment, particularly attractive in the current economic situation market, Castello boasts a solid track record with several value-added transactions.
“With this operation we synergistically support the repositioning of various structures in the super luxury segment, helping to consolidate Arzachena with the Costa Smeralda as a leading destination in the world. Today, proud to be part of the first independent managed savings group in Italy, we want to be the Italian protagonists in the alternative sector by consolidating our leadership in the segments of excellence in which we are present both in real estate and in private debt and by looking carefully at the segments of the alternative market.”
Roberto Ragnedda, mayor of the Municipality of Arzachena, says, “We thank the Pulcini family, founders of what is now the village of Poltu Quatu, and those who, alongside them, will continue on this path always with attention to Sardinia and our Municipality. We therefore welcome Castello SGR among the stakeholders active in Arzachena with the hope of building virtuous relationships aimed at conquering new spaces in the international luxury tourism market for the benefit of the local economy”.
