The Reuben brothers have acquired an historic property in the centre of Rome and entered into contractual arrangements with Corinthia Hotels to develop, lease and operate it.
The property is the former seat of the Central Bank of Italy on Parliament Square.
Plans are in hand for the conversion of the 7,500m2 property into a luxury destination, featuring, in addition to guest suites and bedrooms, restaurants and bars wrapping around a central garden as well as a spa and rooftop amenities.
Jamie Reuben, a principal at Reuben Brothers, said: “This acquisition and development is yet another milestone in establishing our global property footprint, and furthers our interests in Italy, which include the newly-opened Palazzo Experimental in Venice.
“Our objective here is to create the best luxury hotel in Rome.”
Design work is commencing with immediate effect and works are expected to start in 2020.
The Corinthia in Rome is targeting a premium positioning in the city’s hotel market, on account of the property’s significance, location and investment committed by the parties.
Simon Naudi, chief executive of Corinthia, said: “We are very pleased to have entered into these arrangements as developers and operators, adding yet another flag to our portfolio in one of the most visited cities worldwide.
“We are also especially proud of having established the foundations for a new partnership with the Reuben Brothers.”
The hotel follows Corinthia’s tradition of restoring 19th century grand hotels across Europe.
The award-winning Corinthia London, Corinthia Budapest, formerly the Grand Hotel Royal, and Corinthia Hotel St Petersburg, Russia, are all 19th century landmark properties which have been acquired, redeveloped and relaunched by Corinthia Hotels.
In Brussels, the former Grand Hotel Astoria is being transformed back to its original splendour.
Corinthia is also transforming the former Grand Hotel du Boulevard in Bucharest and Corinthia Hotel & Residences Moscow is under development on Tverskaya, Moscow’s main avenue.