Signa’s bankruptcy threatens the future of a well-known hotel in Venice. So you think the US is doing poorly?

The bankruptcy of Rene Benko’s Signa Holding also casts a dark shadow over the future of one of Venice’s most prestigious hotels. Its future is now uncertain.

The Signa Group bought Hotel Bauer on the Grand Canal from the American hedge fund Elliott in 2020. The purchase was accompanied by a plan for a thorough renovation, with 90 luxury suites to be completed by 2025. Due to Signa’s imbalance, the project is now in danger of being frozen.

The Rosewood chain should have taken over the management of the hotel, whose value would increase to 400 million euros after renovation, the Milanese daily ‘Corriere della Sera’ reported on Friday. Under the plan, part of the building that houses Hotel Bauer would have been converted into luxury shops. The question is whether the work will continue now.

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

During this extensive renovation, which lasted almost ten years, the hotel received a new, modern unit. Reopened after renovation in 1949, the Liberty-style Hotel Bauer was the most modern and elegant luxury hotel in Venice. It’s not the only resort Signa owns in Italy. The real estate portfolio also includes the Villa Eden resort on Lake Garda. (saw/sda/awp/apa)