12 February, Advisor Private
Algebris NPL II, the fund of the asset management company Algebris Investments, will launch in February the requalification of the Grand Hotel et Palmes in Palermo.
The operation follows the acquisition of the asset from Acqua Marcia Turismo, which was put under liquidation, and Amt Real Estate. Both companies are under an agreement among creditors. The transaction also follows the failed exercise of the pre-emption right concerning the restrictions by Palermo’s Superintendence for Cultural Heritage and Sicilian Identity.
The project aims at turning the Grand Hotel et Des Palmers into a five-star hotel featuring restaurants and a relax area. Considering that the works are very complex and cannot be postponed, the hotel will be temporarily closed, and the outstanding employment contracts will be terminated. “The implementation of the project will create new jobs, and it will return to Palermo one of its architectural jewels”, the company stated.
Source: Advisor Private
Translator: Cristina Ambrosi