A joint venture between Canada Pension Plan Investment Board (CPP Investments) and Hamilton – Pyramid Europe has acquired its first hotel, the W Rome, Italy, for €172 million.
The asset, which is Italy’s first W Hotel and comprises 162 luxury hotel rooms, re-opened in April 2022 after a full redevelopment.
In August 2022, CPP Investments announced the commitment of €475 million (C$637 million) to the JV; the W Rome was acquired with part of this committed capital.
According to CPP Investments, as one of Europe’s top-three tourist destinations owing to its significant historical and architectural sites, Rome is set to capitalize well on growing tourism trends in Europe.
“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,” said Andrea Orlandi, Managing Director, Head of Real Estate Europe at CPP Investments. “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.”
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.
“We are delighted to be completing the acquisition of the W Rome in JV with CPP Investments,” said Tobi Weissinger, Partner at Hamilton – Pyramid Europe. “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.”
The W Rome hotel 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. The W brand is recognised as one of the world’s leading and best performing luxury lifestyle and hospitality brands.
