Kwee family Florence development is gaining momentum following a €39.8 million mortgage loan from UniCredit. The financing will support the conversion of Palazzo Rimbotti into a luxury complex. The project could operate under the Capella brand, although the company has not confirmed this possibility.
Tortoise Srl owns the property in Piazza degli Antinori, near Via de’ Tornabuoni. The company belongs to international investors active in luxury real estate and hospitality. Ultimately, the investment links to HL Kwee Capital, the Singapore-based holding company of the Kwee family. The family also owns Capella, the luxury hotel group planning its Italian debut in Florence.
According to UniCredit, the development will retain retail spaces on the ground floor. Meanwhile, the upper floors will accommodate 17 luxury residences. These units will benefit from dedicated services, including wellness areas, a spa, fitness facilities and shared lounges. However, the precise format of the complex remains unclear. It could become an aparthotel or a branded residence development.
The project complements Capella’s planned Florence debut at the former San Gallo military hospital. Currently expected to open in 2028, Capella Florence will combine hotel and residential uses. The five-star property will allocate 70% of its space to hospitality and 30% to residential purposes.
The development will feature 89 rooms, including 33 suites. In addition, guests will enjoy two restaurants serving local and Japanese cuisine, a rooftop bar and an underground speakeasy. A separate clubhouse will house a 600-square-metre Capella spa, a fitness centre and a café. The plans also include an indoor amphitheatre and ten private residences with separate access.
Capella currently operates more than a dozen properties across Asia-Pacific and other destinations. Its portfolio includes locations in Singapore, China, Indonesia, the Maldives, Australia, Vietnam, Japan and Thailand. Furthermore, the group operates through the Capella, Patina Hotels & Resorts and Capella Residences brands.
Although the Palazzo Rimbotti project’s branding remains unconfirmed, the development reinforces the Kwee family’s growing presence in Florence’s luxury hospitality market.
