GRITTI PALACE SOLD FOR 105 MILLION EURO. WHO BOUGHT IT?

by
Christian Stan, at 26 May. 15, in News

Occupying a prestigious setting on the Grand Canal, The Gritti Palace was built in 1525 as residence of Doge Andrea Gritti. A leisurely short stroll from Piazza San Marco, the imposing palazzo awards rare views of Santa Maria della Salute. It was owned by Starwood Hotels until earlier this month, when it was sold for EUR 105 million.

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Starwood sold the property to Nozul Hotels & Resorts, owned by Jaidah Holdings in Qatar, who also own W Doha Hotel.

As part of its “asset-light strategy” to shed US$800 million in hotel dispositions, Starwood collaborates once again with Nozul Hotels & Resorts, owned by Jaidah Holdings in Qatar, who also own W Doha Hotel.

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The famous Palace was built in the early 16th century for Doge Andrea Gritti.

The sale of the Grand Canal-based stay shouldn’t effect guests’ experience there as the former Doge’s palace will remain under operation with Starwood as a Luxury Collection property as part of a long-term management agreement. “We are delighted to collaborate with Jaidah Holdings to ensure the future success of this trophy asset and one of the world’s most iconic hotels,” said Simon Turner, President of Global Development for Starwood of Gritti Palace.

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The hotel has become a Luxury Collection property since 1992.

“We are proud to extend our relationship with Jaidah Holdings, for whom we have been successfully operating W Doha since its opening as the first W Hotel in the Middle East in 2009. Jaidah Holdings shares Starwood’s vision for the majestic Gritti Palace, Venice’s most celebrated hotel and an extraordinary representation of The Luxury Collection brand. We look forward to our continued operation of the hotel, which completed a meticulous restoration a year ago,” said Michael Wale, President, Europe, Africa and the Middle East for Starwood.

Built in the early 16th century for Doge Andrea Gritti, the building became a Luxury Collection property – and one of the most exclusive hotels in Europe – in 1992 thanks to its historic setting, opulent guest rooms and incomparable views of Venice’s iconic canal and Santa Maria della Salute.

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