{"id":238440,"date":"2024-07-01T14:09:28","date_gmt":"2024-07-01T14:09:28","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/01\/lvmh-billionaire-bernard-arnault-enters-race-to-acquire-signas-venice-hotel-with-bids-rising-over-294-million\/"},"modified":"2025-06-25T17:15:45","modified_gmt":"2025-06-25T17:15:45","slug":"lvmh-billionaire-bernard-arnault-enters-race-to-acquire-signas-venice-hotel-with-bids-rising-over-294-million","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/01\/lvmh-billionaire-bernard-arnault-enters-race-to-acquire-signas-venice-hotel-with-bids-rising-over-294-million\/","title":{"rendered":"LVMH billionaire Bernard Arnault enters race to acquire Signa’s Venice hotel\u2014with bids rising over $294 million"},"content":{"rendered":"

[ad_1]
\n<\/p>\n

\n

Billionaire Bernard Arnault has joined the chase\u00a0<\/strong>to purchase a storied Venice hotel, one of the trophy assets put on the market in the messy fallout from the implosion of Rene Benko\u2019s Signa Group.<\/p>\n

\n

The Hotel Bauer, located on the Grand Canal, was one of the crown jewels of the Austrian mogul\u2019s real estate empire. Despite its prime location and a history dating to 1880, the sales process has been caught up in Signa\u2019s complex creditor entanglements.\u00a0<\/p>\n

\"The
The Hotel Bauer, located on the Grand Canal<\/figcaption>

Simone Padovani\/Awakening\/Getty Images<\/p>\n<\/div>\n

King Street Capital Management is running the sales process, according to people familiar with the matter. Filings show that funds administered by the credit hedge fund took control of shares in a Signa company that owned Hotel Bauer in May.<\/p>\n

The asset has attracted bids of more than \u20ac275 million ($294 million), said the people, who asked not to be identified as the information is private. The process is competitive and includes property firms and other investors, meaning there\u2019s no guarantee that Arnault \u2014 the founder of LVMH Mo\u00ebt Hennessy Louis Vuitton SE \u2014 will get the nod, several people said.<\/p>\n

King Street appointed real estate investment bank Eastdil Secured to find a buyer for the five-star hotel, said the people. Deliberations are ongoing and there\u2019s no certainty they will result in a deal, according to the people. King Street declined to comment, as did a representative for Arnault.<\/p>\n

Signa Prime Selection AG, the unit that owned the site, had agreed in April to\u00a0sell<\/a>\u00a0three Italian properties, including Hotel Bauer, to the Schoeller Group, run by a German industrialist family of the same name. But a fund run by King Street has exercised rights to take control of the asset after the deal was announced.<\/p>\n

Investment needed to reopen the 110-room hotel adds another complication for potential buyers. The site has been closed for a major renovation since 2022, and construction work stopped last year after Signa\u2019s cash ran low. \u00a0<\/p>\n

It\u2019s unclear what role the Schoeller Group is playing in the ongoing bidding. Administrators of Signa Prime have been in negotiations with Schoeller for months over claims related to a \u20ac200 million loan they provided to unit in the months before it filed for insolvency. Signa Prime said it had reached a debt standstill with the group this month.\u00a0<\/p>\n

A representative for Schoeller declined to immediately respond to Bloomberg questions.\u00a0<\/p>\n

LMVH owns a string of high-end hotels and properties in the\u00a0<\/strong>luxury hospitality sector, including the Hotel Cipriani in Venice. It\u2019s not clear whether the bidding would be done via LVMH or Agache \u2014 one of Arnault\u2019s holding companies \u2014 one of the people said.<\/p>\n<\/div>\n<\/div>\n

[ad_2]
\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

[ad_1] Billionaire Bernard Arnault has joined the chase\u00a0to purchase a storied Venice hotel, one of the trophy assets put on the market in the messy<\/p>\n","protected":false},"author":1,"featured_media":238441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[149],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/238440"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=238440"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/238440\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/238441"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=238440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=238440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=238440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}