It looks like Four Seasons is investing a lot of money to open a property in Rome…
Four Seasons buys a 17th-century palazzo in Rome
It has been revealed that Four Seasons intends to spend $170 million to purchase the Palazzo Marini in Rome, Italy. According to records filed with the city, Four Seasons has already committed $21 million for this purchase, with the remainder to be paid once the deal closes.
Palazzo Marini is a 17th-century palazzo composed of four separate blocks and occupying the entire side of Piazza San Silvestro. This location is fairly central, being just a few blocks from the Spanish Steps, Trevi Fountain and Via Condotti.
Four Seasons intends to invest $120 million to renovate the property and transform it into the city’s premier 100-room luxury hotel.
While this is undoubtedly a prime location, the buildings have not really been put to their best use in recent years. Part of the palazzo was recently converted into a pop-up Ikea store. The building also housed the canteen for the MPs in Rome who work a few blocks away. The building was already up for sale before the pandemic and reportedly some investors were interested at the time, but nothing has happened so far.
Growing Four Seasons presence in Italy
Four Seasons has a loyal following as the brand offers an incredibly consistent and quality service. Four Seasons is particularly popular with many in the United States, both given the brand’s portfolio and the fact that Americans spend heavily on luxury travel.
Italy is of course an incredibly popular travel destination, and the country has so much to offer. The Four Seasons portfolio in the country just keeps getting better. Four Seasons already owns properties in Florence, Milan and Taormina (Sicily).
Additionally, Four Seasons is opening a property in Venice in 2025 and also has plans for a new property in Puglia which should be fantastic. In that sense, Rome seemed like a big gap in Four Seasons’ Italian portfolio, so I imagine the brand has been trying to expand there for quite some time.
One thing that makes Four Seasons unique is that it’s not just a pure hotel management company like we see largely with the other big global hotel brands. Rather, Four Seasons actually invests in many of its hotels, and in this case, the company is pouring hundreds of millions of dollars into this hotel.
I can’t wait to see what Four Seasons come up with here as I imagine it’s going to be quite spectacular (and expensive).
bottom line
Four Seasons plans to open a 100-room hotel in Rome. While the schedule remains to be seen, the company will spend $170 million to purchase the buildings and then $120 million to convert them into a luxury hotel.
It is impressive to see Four Seasons’ presence in Italy continue to grow between the recent opening of the property in Sicily and upcoming properties in Venice and Puglia.
What do you think of the Four Seasons Rome?