InterContinental Hotels Group announces the signing of a franchise agreement with Westmont Hospitality Group and funds managed by Oaktree Capital Management, L.P. for a property in the heart of Rome.
The hotel will be set on the iconic Via Veneto, in the Ludovisi area of the city, close to the Villa Borghese. The existing property - which includes 160 rooms and suites, a restaurant, bar, spa and public areas - will be restored.
Designed in the early 1900s by architect Carlo Busiri Vici, the palazzo building was originally home to ambassadors staying in Rome, opening as a hotel in 1993.
A multi-million-euro investment is behind IHG’s plans to open InterContinental Rome in 2022, marking a welcome sign of confidence in the Italian tourism industry at this challenging time.
The Group joins a strong consortium including Oaktree, Westmont Hospitality Group and UniCredit S.p.A. The project is held by a newly established real estate investment fund managed by Milan-based Castello SGR.
Willemijn Geels, Vice President of Development, Europe, IHG, commented: "The signing of an InterContinental in Rome represents an important moment in the growth of our luxury portfolio and brand presence across Europe. In these challenging and unprecedented times, this signing shows the continued trust our Owners and partners place in IHG and our brands. We are delighted to partner with Oaktree Capital and Westmont Hospitality Group and look forward to offering InterContinental guests a rich and unforgettable experience in the Eternal City."
Alfredo Maria De Falco, Deputy Head of CIB and Head of CIB Italy at UniCredit, commented: "Confirmation by primary international investors of their commitment to Italy even in this difficult time is a strong signal of the country's unimpaired attractiveness as a cultural, tourist and business destination. UniCredit is a strategic partner for the development of large real estate projects and we are happy to support this important initiative in a sector, such as the luxury hotel industry, which can be a driving force for the recovery of tourism in Italy."
This announcement comes weeks after the signing of the Six Senses Rome, which is set to open in late 2021. In Italy IHG has a portfolio of 29 hotels across brands including Hotel Indigo, Crowne Plaza, Holiday Inn and Holiday Inn Express - and further four in the pipeline, as of March 31, 2020.*
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