Following the bankruptcy of René Benko’s Signa Holding, “Mohari Hospitality Group”, owner of the luxury hotel “Four Seasons”, is in exclusive negotiations to acquire the traditional Hotel Bauer in Venice. Italian media reported that the purchase price was around 309 million euros. French tycoon Bernard Arnold, who has shown interest in the hotel, has pulled out of the luxury race.
New owner
“Mohari Hospitality Group” was founded by former Israeli-Canadian businessman Mark Sheinberg and focuses on luxury real estate. A spokeswoman for Signa Prime’s liquidator declined to comment and said bankruptcy proceedings were not public. Hotel Bauer is one of several luxury properties changing ownership as a result of Cigna Prime’s bankruptcy. This is not the only Cigna-owned resort in Italy. The real estate portfolio also includes Villa Eden on Lake Garda.
Cigna was acquired in 2019
A firm called “King Street Capital Management” was appointed to sell Hotel Bauer. Cigna Real Estate took over the famous hotel in 2019 from the Italian Portolotto Posati family, which had owned it for three generations. Accompanying the acquisition was a plan for a complete renovation, which was planned to create 90 luxury rooms by 2025. Due to the Cigna disparity, the plan was put on hold.
A very modern, elegant hotel
Austrian businessman Julius Grünwald and his wife were the first owners of the hotel. In 1930, Hotel Bauer acquired a new owner, the Ligurian shipbuilder Arnoldo Bennati. The hotel was completely restored under his leadership. During this extensive renovation, which lasted almost ten years, the hotel received a new modern unit. Reopened in 1949 after renovations, the Liberty-style Hotel Bauer was considered the most modern and elegant luxury hotel in Venice.
