Apex Alliance in Lithuania and Romania-based Pavăl Holding have bought the Grand Hotel Gardone, at Lake Garda, Italy.
They plan to invest €45 million for reconstruction and development to move the four-star hotel up to a five-star rating.
The opening of the iconic hotel is scheduled for June 2023, marking the beginning of this year’s summer season.
The Apex Alliance Hotel Management will be the official hotel operator.
Vytautas Drumelis, Partner of Apex Alliance, says, “The acquisition of Grand Hotel Gardone, together with solid partner and investor Pavăl Holding, is a momentous event for our company. Alongside the Hampton by Hilton hotel under construction in Venice, this marks our second hotel venture in Italy. Following the planned reconstruction and conversion of the hotel into a prestigious 5-star international brand establishment, this destination will transform into a flagship hotel in the region. We intend to preserve the invaluable heritage of the place while introducing luxurious indulgence that offers high-end services, enhanced facilities, and breathtaking views of Lake Garda, which are highly favoured by both foreign guests and Italians alike. With its renovated shoreline, the hotel will undoubtedly contribute to the region’s development, stimulate tourism, and attract new future investments.”
The investment partners commit to preserving the hotel’s rich heritage, while bringing forth exciting new developments. The hotel will become a luxurious 5-star property under a renowned international chain, after concluding renovations by spring of 2026.
Honouring heritage of Grand Hotel Gardone
Karina Paval, vice president of Pavăl Holding, says, “We are delighted to announce our first international transaction, the acquisition of the iconic Grand Hotel Gardone, a timeless landmark in Italy that perfectly complements our portfolio. Together with our esteemed partner, Apex Alliance, we embark on an exciting journey to reposition Grand Hotel Gardone into a five-star world-class destination while honouring its rich heritage and captivating history. Our shared vision is to create an unparalleled lake destination that caters to the discerning needs of local and international travellers who seek the perfect blend of natural beauty, cultural richness, and exceptional hospitality experiences.”
The classical-style Grand Hotel is renowned for its beautiful architecture, preserved gardens, private shoreline, and 167 rooms with lake-facing balconies. Notable past guests include Winston Churchill, King George of Saxony and novelists William Somerset Maugham and also Vladimir Nabokov.
The group’s acquisition of the Grand Hotel Gardone is a significant milestone for Apex Alliance Hotel Management, which now manages 15 hotels across Europe. They are operated under renowned global brands, including Hilton, Marriott, and Radisson.
Ernst & Young and KPMG Romania & Italy provided consultancy services for the transaction.