30 October 2019
- Ian Painter, Claudio Cerabolini, Melissa Sykes, Ivan Yuen, Angela Benincasa, Marina Mobiglia, Alessandro Parini
Clifford Chance advises Corinthia Hotels on the redevelopment and pre-letting of a proposed new ultra-luxury five star hotel in Rome
International law firm Clifford Chance is advising Corinthia Hotels on the redevelopment and leasing of the former seat of the Central Bank of Italy on Parliament Square in Rome as part of a deal struck with the Rueben Brothers, the private equity, real estate investment and development firm. The historic property in the centre of Rome will become the latest addition to Corinthia Hotels' renowned five-star hotel portfolio.
Corinthia will develop, lease and operate the historic 7,500m2 property as an ultra-luxury hotel, featuring guest suites and bedrooms, restaurants and bars, central garden, spa and rooftop amenities. Clifford Chance is advising Corinthia on all aspects of the transaction, including the contractual arrangements relating to the redevelopment and the grant of an operating lease once construction has been completed. Design work is commencing with immediate effect and works are expected to start in 2020.
Lead transaction Partner at Clifford Chance, Ian Painter, comments: "The leasing and development of such a significant building in the heart of Rome is testimony to Corinthia's commitment to be one of the leading luxury hotel brands in the world. This collaborative project between Corinthia and the Reuben Brothers is targeting a premium positioning in the city’s hotel market and follows a long tradition at Corinthia of restoring historic grand hotels across Europe. We were delighted to be involved in another transaction which shows the strength and breadth of Clifford Chance's real estate expertise across Europe."
Simon Naudi, CEO 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.”
Clifford Chance has a longstanding relationship with Corinthia Hotels, having acted for them on the development and financing of the Corinthia London and, most recently, on the transformation of the former Grand Hotel Astoria in Brussels and the development of the Corinthia Hotel & Residences Moscow on Tverskaya, Moscow’s main avenue.
The cross-jurisdictional team consisted of London-based Partner Ian Painter and Associates Melissa Sykes and Ivan Yuen, as well as Partner Claudio Cerabolini, Senior Associates Angela Benincasa and Marina Mobiglia, and Associate Alessandro Parini in Italy.