According to local press sources, the American Apollo fund would have sold the property of the Hotel Des Bains, 4 * in Montegrotto Terme, to the Barettella family, who already managed the hotel. We recall that the Apollo fund had taken over the asset in 2021 after being awarded, for approx. 842 million euros), ENPAM’s «Project Dream» property portfolio consisting of 68 properties, including 10 hotels. In this case, the sale of Enpam’s hotel portfolio included five owned hotels between Abano Terme and Montegrotto Terme, including the Hotel Orologio and the Magnolia in Abano, Caesar, Montecarlo and Des Bains in Montegrotto.
The Hotel Des Bains, built in 1973, is spread over 6 floors, has a total of 100 rooms, conference spaces, spa and fitness center, sports fields and conference spaces. In the period 2012-2019, the Hotel Des Bains saw its turnover go from EUR 2.5 million to EUR 2.2 million with revenues / key around 22 thousand euros. With the pandemic, the hotel suffered a rather significant decline in revenues (-85%) only partially recovered in 2021, when revenues were still below 41% compared to what was recorded in 2019. Over the last few years 3 years, 18 hotel transactions (for a total of 2,208 keys) were finalized in the thermal hotel district of the province of Padua (Abano Terme, Montegrotto Terme, Galzignano Terme).
Out of 18 transactions, 11 (equal to 61% of the total) were auctioned and mainly saw private investors and operators (Italian and foreign) taking over these assets. The share of institutional investors, on the other hand, is around 39%. The assets transacted are mostly operational hotels (67%), while the residual ones are the hotels that need a complete renovation.