After Signa insolvency:

Mohari Group buys Hotel Bauer in Venice

The Austrian entrepreneur Julius Grünwald and his wife were the first owners of the Hotel Bauer.

(Bild: markobe - stock.adobe.com)

Following the insolvency of Tyrolean real estate juggler René Benko's Signa Group, the Mohari Hospitality Group, the owner of the Four Seasons luxury hotel chain, has acquired the traditional Hotel Bauer in Venice.

The purchase price is around 300 million euros, reported the Milan business newspaper "Sole 24 Ore" on Thursday. 150 million euros are to be invested in the modernization of the 120 guest rooms. The hotel is to be operated by the Rosewood Group.

The Mohari Hospitality Group was founded by former Israeli-Canadian entrepreneur Mark Scheinberg and focuses on luxury real estate. The Hotel Bauer is one of several top properties to change hands in the course of the Signa insolvency and is not the only resort that Signa has in Italy.

King Street Capital Management was commissioned with the sale of the Hotel Bauer. Signa Real Estate had acquired the famous hotel in 2019 from the Italian Bortolotto Possati family, who had owned it for three generations.

Construction of 90 luxury suites planned
The acquisition was linked to a plan for extensive renovation, which included the creation of 90 luxury suites by 2025. The project was put on hold due to the Signa dispute.

Austrian entrepreneur Julius Grünwald and his wife were the first owners of the hotel. In 1930, the Hotel Bauer found a new owner, the Ligurian shipbuilder Arnaldo Bennati. Under his management, the hotel was completely restored.

The extensive renovation took almost ten years. The Liberty-style Hotel Bauer, which reopened in 1949 after the renovation work, was considered the most modern and elegant luxury hotel in Venice.

The Mohari Hospitality Group was founded by former Israeli-Canadian entrepreneur Mark Scheinberg and focuses on luxury real estate.