The Algebris NPL II fund announces the start in February of the redevelopment of the building that houses the Grand Hotel et Des Palmes hotel complex located in Palermo. The transaction follows the recent completion of the purchase of the structure from Acqua Marcia Turismo Srl in Liquidation and AMT Real Estate SpA, both in composition with creditors, following the failure to exercise the pre-emption rights relating to the cultural bond in favor of the Superintendence for Cultural and Environmental of Palermo and for the Sicilian Identity.
The redevelopment project aims to give new vigor to the riches of the hotel's architectural heritage, in compliance with the legislation and the obligations imposed by the Superintendency, through the restoration of the elements with a historical and valuable character, as well as punctual regulatory compliance interventions . The project aims at transforming the Grand Hotel et Des Palmes into a five-star luxury hotel with restaurants and a relaxation area that can be of interest and attraction both for the hotel accommodation of the complex and for the city of Palermo.
In consideration of the urgent nature of the intervention and the complexity of the redevelopment works of the structure, the hotel will have to be temporarily closed, with the inevitable termination of existing employment relationships. The realization of the project will create new job opportunities and will give back to the city of Palermo one of the jewels of its architectural heritage. For the execution of the works, the use of companies and professionals of primary level is envisaged, favoring companies in the Palermo area and/or the Sicily Region.
