By Mario Marroquin
The recently launched €475 million (US$474.3 million)
joint-venture by the Canadian Pension Plan Investment Board and Hamilton –
Pyramid Europe inked the acquisition of the 162-room W Rome in November. CPP
Investments and Hamilton purchased the W Rome from King Street Capital
Management and Omnam Investment Group, after the latter venture partners
acquired two office buildings in 2017 and converted them to hospitality.
CPP and Hamilton’s joint venture paid €172 million
(US$197.18 million) for the W Rome located in Ludovisi – a neighborhood in the
center of Rome known for 4 and 5-star hotels. The hotel opened in April 2 after
renovations, and consists of 162-rooms, 48 private balconies, a rooftop bar,
restaurant, lounge area, gym and conference rooms.
“Rome has historically been a top destination globally for
both leisure and business travel, and we believe this will continue to be the
case for decades to come,” said Andrea Orlandi, Managing Director, Head of Real
Estate Europe at CPP Investments.
The acquisition is part of a strategy launched in August by the
US$388 billion AUM Canadian pension plan and Hamilton when CPP Investments said
it would target operating hotels in key gateway cities and select resort
destinations in Europe.
CPP Investments said the venture sought to capitalize on
emerging trends in European tourism and that it would target assets in markets
with strong leisure-driven demand and supply dynamics.
Photo credit: Alex Does Pictures/ Pexels
Related stories:
Singapore Sovereigns, CPP Investments Back Form Energy’s Iron-Air Battery Concept
QIA-Backed Hospitality Venture Doubles Down on Senegal, sub-Saharan Africa