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A historic Sicilian gem is about to shine again, thanks to a €15 million investment for the restoration and transformation of Palazzo Castelluccio in Noto into a luxury boutique hotel. The project is financed by Gruppo BCC Iccrea, through its parent company BCC Banca Iccrea in collaboration with Banca di Credito Cooperativo di Pachino. Scheduled to open by mid-2027, this ambitious plan will create an exclusive destination featuring 31 luxury suites, a spa, and spaces for events and meetings.

A Historic transformation with strategic vision

Palazzo Castelluccio, originally built in 1782 and once home to one of the most influential aristocratic families in the Val di Noto, will be given new life under the management of Rocco Forte Hotels. The project will combine tradition and innovation, restoring its historical beauty while integrating modern luxury amenities. The aim is to position the hotel as a key destination for high-end tourism, benefiting both Noto and the broader Sicilian region.

In a statement, Concetto Costa and Massimo Sena, President and General Manager of BCC Pachino, explained the significance of the project:

“Our deep connection with Sicily’s treasures is not just rooted in history but also in a forward-looking vision. We are proud to support the revival of Palazzo Castelluccio, an 18th-century architectural jewel, through a project that blends intuition, aesthetic sensitivity, and strategic insight. Investing in high-value historical assets means not only preserving them but also unlocking their potential as drivers of regional development and economic growth.”

They added that the restoration will create a “hub of high-end tourism”, enhancing Sicily’s global appeal by blending the elegance of the past with contemporary luxury.

Rocco Forte’s expansion strategy: Insights from ITHIC

The restoration of Palazzo Castelluccio is part of a larger expansion strategy by Rocco Forte Hotels, which was highlighted during an exclusive interview with Rocco Forte at ITHIC 2024. In the interview, Forte discussed the group’s ongoing commitment to Italy, where over half of their business operations are concentrated.

“Italy remains at the heart of our expansion efforts, and we continue to seize new opportunities here thanks to our established presence and deep knowledge of the local market,” Forte explained.

Among the projects currently under development, Forte mentioned several key ventures across Italy, including:

  • Palazzo Castelluccio di Noto, a 31-suite boutique hotel (set to open in 2027).
  • Rocco Forte House, in Milan, expected to open in the latter half of 2025 after delays due to construction challenges.
  • A new project in Puglia, developed in collaboration with the Benetton family.
  • A luxury hotel in Naples, which will bring high-end hospitality to a city currently lacking in luxury accommodations.

Forte also shared insights on what makes Italy an ideal market for high-end hospitality:

“Italy offers something unique. There are many destinations where we can open a hotel and achieve excellent room rates, something you don’t see in most European countries. The combination of culture, natural beauty, and global demand for Italian experiences creates an extraordinary environment for growth.”

Strategic partnerships and global expansion

During the ITHIC interview, Forte emphasized how partnerships, such as the one with Saudi Arabia’s Public Investment Fund (PIF), have accelerated growth and provided financial flexibility. The recent investment allowed Rocco Forte Hotels to launch an ambitious refurbishment program across existing properties, with over €40 million being invested in renovations during the current fiscal year.

“This partnership with PIF has given us the resources to expand more aggressively, not just in Italy but globally. It has also enabled us to compete more effectively when securing new management contracts, which are now an essential part of our expansion strategy,” Forte noted.

While Italy remains a focal point, Rocco Forte Hotels is actively pursuing projects in key markets like the United States, Spain, and the Middle East, where the group has already secured hotel developments in Saudi Arabia and is exploring further opportunities in Abu Dhabi and beyond.

Why Palazzo Castelluccio matters

For Rocco Forte Hotels, Palazzo Castelluccio represents more than just another property—it embodies the group’s philosophy of blending historical preservation with modern luxury to create memorable guest experiences. As Forte mentioned during the interview, this approach has been key to the group’s success in revitalizing underutilized historical buildings.

A boost for Sicilian tourism

For Sicily, the opening of Palazzo Castelluccio promises to attract affluent international travelers, generating significant economic benefits. As Carlo Napoleoni, Head of the Corporate Division at Gruppo BCC Iccrea, highlighted:

“This investment demonstrates our commitment to supporting tourism projects that enhance Italy’s hospitality sector. By collaborating with both small and large international groups, we aim to promote sustainable development while preserving cultural heritage.”

Looking ahead

With Italy serving as a cornerstone of Rocco Forte Hotels’ growth strategy and partnerships like those with Gruppo BCC Iccrea fueling high-end developments, the future looks bright. The restoration of Palazzo Castelluccio is just one chapter in the broader story of revitalizing Italy’s hospitality scene, positioning Sicily as a top-tier destination for luxury travelers.

Watch the full interview with Sir Rocco Forte at ITHIC 2024 here.

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