Romanian Pavăl Holding and Lithuanian group Apex Alliance teamed up to acquire the Grand Hotel Gardone in Italy. They plan to invest EUR 45 million to renovate the iconic property inaugurated in 1884 on the shore of Garda Lake.

This is the first international transaction of Pavăl Holding, the investment vehicle of the Pavăl family, a leading Romanian entrepreneurial business.

The opening of the iconic hotel is scheduled for June 2023, marking the beginning of this year's summer season. As of next year, however, Grand Hotel Gardone is set to undergo a EUR 45 million renovation and preservation process aimed at transforming it into a luxurious 5-star property by 2026.

"We are delighted to announce our first international transaction, the acquisition of the iconic Grand Hotel Gardone, a timeless landmark in Italy that perfectly complements our portfolio. Together with our esteemed partner, Apex Alliance, we embark on an exciting journey to reposition Grand Hotel Gardone into a five-star world-class destination while honouring its rich heritage and captivating history," said Karina Paval, vice president of Pavăl Holding.

In his turn, Vytautas Drumelis, Partner of Apex Alliance, stated: "The acquisition of Grand Hotel Gardone, together with solid partner and investor Pavăl Holding, is a momentous event for our company. Alongside the Hampton by Hilton hotel under construction in Venice, this marks our second hotel venture in Italy. Following the planned reconstruction and conversion of the hotel into a prestigious 5-star international brand establishment, this destination will transform into a flagship hotel in the region."

The classical style Grand Hotel is renowned for its beautiful architecture, preserved gardens, private shoreline, and 167 rooms with lake-facing balconies. Notable past guests include Winston Churchill, Gabriele "The Poet" D'Annunzio, King George of Saxony, Nobel Prize-winning poet Paul Heyse, and novelists William Somerset Maugham and Vladimir Nabokov.

Apex Alliance Hotel Management (AAHM) is a Lithuania-based independent operator owning and managing hotels in Europe, part of the Apex Alliance group. It manages 15 hotels in Italy, Romania, Poland, Lithuania, and Latvia, and plans to open a few new hotels in upcoming years, expanding in Italy, Romania, Estonia, and other markets.

AAHM is an official franchisee representing brands such as Hilton, Marriott, and Radisson, including company-owned brand The Marmorosch Bucharest from Marriot Autograph Collection. In Bucharest, the company operates six hotels with a total capacity of more than 1.000 rooms.

Paval Holding, owned by the founders of local DIY chain Dedeman, manages a diversified portfolio spanning sectors such as DIY retail, real estate, agriculture, automotive, energy, and other key economic areas.

irina.marica@romania-insider.com

(Photo source: the company)