The Canada Pension Plan Investment Board and Hamilton - Pyramid Europe, through their joint venture, have completed the acquisition of their first asset – the W Rome, Italy for €172 million.
The asset, which was Italy’s first W Hotel and comprises 162 hotel rooms and re-opened in April 2022 after a full redevelopment.
The JV, established earlier this year, is focused on acquiring operating hotels in key European gateway cities and select resort destinations. The JV will target assets which have a strong appeal to leisure and business travellers, and which offer distinct and superior experiences. In August 2022, CPP Investments announced the commitment of €475 million (C$637 million) to the JV; the W Rome is being acquired with part of this committed capital.
The W Rome is located in the Ludovisi District in central Rome. It offers amenities including: a rooftop bar, restaurant and lounge area; several food and beverage outlets; a gym; and meeting spaces.
What they said
Andrea Orlandi, managing director, head of real estate Europe at CPP Investments, said: “Rome has historically been a top destination globally for both leisure and business travel, and we believe this will continue to be the case for decades to come.The acquisition of the W Rome positions our joint venture with Hamilton - Pyramid Europe well to capitalise on the continued strength of Rome as a travel destination.”
Tobi Weissinger, Partner at Hamilton - Pyramid Europe, said: “We are delighted to be completing the acquisition of the W Rome in JV with CPP Investments. We have strong conviction in the long-term potential of the asset as one of Rome’s leading luxury lifestyle hotels, given the excellent location in the heart of the city, the fantastic quality of the hotel and the market-leading brand.”