The Schoeller family of industrialists in Germany has recently acquired three projects from the insolvent Signa Prime in Italy. These projects include the famous 5-star Hotel Bauer in Venice, the under-construction WaltherPark in Bolzano, and the development project Long live Virgolo in Bozen. The contracts for these projects have already been signed, but the purchase price has not been disclosed.
The Schoeller family had previously attempted to acquire properties from Prime Assets GmbH in mid-March, but their offer was rejected. However, this time around, Signa Prime’s restructuring administration approved the transaction and the creditors’ committee also agreed. The sale is expected to be completed in a few months pending regulatory approvals.
One of the projects acquired by the Schoeller family is WaltherPark in Bolzano, a city project that includes a shopping center, hotel, apartments, and office space. Construction is progressing quickly and plans are set to open in spring 2025. Another project is Long live Virgolo in Bozen which involves acquiring and developing local mountain Virgl with the addition of a cable car.
The Hotel Bauer in Venice has been part of Signa’s portfolio since 2020 and underwent major renovations since November 2022. Once renovations are complete, it will reopen under Rosewood’s management.
