Essence Hotels has acquired Le Picchiaie Resort on Elba Island for approximately €5 million. The deal marks the group’s first acquisition following its bond issuance last August. Founded in 2022 by Antonio Cafarelli, the Marche-based hospitality group purchased the property from Petroholding. The Russian group operates in the oil and gas and real estate sectors. Essence Hotels had already managed the resort since early 2026. The acquisition now brings the property under its ownership.

The group plans to invest a further €1.5 million over the next two years. The funds will support renovations, upgrades and facility expansion. Essence Hotels aims to strengthen the resort’s position in the upper-midscale segment. In particular, the investment will improve wellness facilities, sports activities, high-end dining and event services.

Le Picchiaie Resort features 58 rooms and operates from April to October. Planned works include renovating and expanding the spa. The group will also enhance the resort’s gastronomic offering. Furthermore, it intends to develop cycling trails and an adventure park. New nature-based wellness activities are also planned across the property’s eight hectares.

According to Cafarelli, the move from management to ownership marks a concrete step in the group’s expansion strategy. Announced last summer, the plan follows a bond issued by Essence Corporate Company. The bond has a maximum value of €15 million. It trades on the Vienna MTF segment of the Austrian capital’s stock exchange.

Through this strategy, Essence Hotels aims to acquire and enhance hotels in strategic destinations. These include mainland Italy and its islands. Companies within the group’s network will manage the properties.

Following the acquisition, Essence Hotels operates five other properties under its brand, including one in Zanzibar. Its Italian portfolio includes Borgo Magliano Resort in Tuscany. It also comprises Cala La Luna in Favignana, Marina Holiday in Balestrate and Mursia Wellness Hotel in Sicily.

Additionally, the group plans to open Principe Resort in Tuscany next year. The four-star property will feature 69 rooms. Facilities will include a restaurant, meeting rooms, a gym and wellness areas. The project will further support the group’s growth ambitions.