VIY Greater Europe Hospitality Fund intends to invest more than EUR150 mln in the reconstruction of Italian Antognolla in Umbria, reports Vedomosti with reference to a representative of the fund. The co-founder of the Fund is the son of the former President of Russian Railways (RZD) Andrey Yakunin.
The representative of Venture Investments & Yield Management (VIYM) that manages the fund explained that the fund bought 12,5% in a company (EUR10,7 mln) that operates the project for the reconstruction and modernization of the real estate of 560 ha.
The fund plans also to invest in the construction of on-site luxury hotel with 76 rooms and a residential property of 77 houses, which will be managed by an international operator. According to the newspaper the operator will be Four Seasons, a Canadian-based international luxury, five-star hospitality company.
Umbria is an Italian region located in the very heart of the peninsula bordering Tuscany, Lazio and Le Marche and has no access to the sea. Probably, that’s why there are not a lot of Russian tourists traveling here. I past few years, the luxury hotel segment here has grew substantially; while the regional administration was trying hard to attract foreign tourists.
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