Reuben Brothers has acquired one of the most historic hotels in the centre of Venice, the Baglioni Luna.

The c. 90,000 square foot asset dates from the 12th century and is one of the oldest in Venice, with some of the frescos adorning the San Marco Salon deriving from the students of Venice’s foremost 16th century painter Gianbattista Tiepolo.

The five-star 93-room hotel is located 50 meters from Piazza San Marco, in the historic centre, directly facing San Giorgio Island.

Reuben Brothers and Baglioni Hotels & Resorts entered into a strategic partnership to facilitate the rollout of Baglioni-branded hotels around the world.

Part of the agreement foresees the sale and lease back of the iconic Baglioni Hotel Luna which becomes Reuben Brothers’ second hotel investment in Venice, where they also own the recently opened Palazzo Experimental, another boutique property on the Giudecca canal.

Refurbishment works already started with the goal of opening the renovated Baglioni during summer.

The expansion will be managed and developed by Patrimonia Real Estate, who also originated and assisted the Reubens on the transaction.

Jamie Reuben explained: “The acquisition of one of the leading luxury hotels in Venice plays perfectly into our wider strategy and complements our existing portfolio which now also includes the famous La Palma Hotel in Capri.

“The investment further underlines our belief in the strength of the Venice market.

“We are also pleased to work with Baglioni Hotels in developing their brand into new markets.”

Baglioni Hotels & Resort was founded in 1974 by Roberto Polito.