An alternative investment fund registered in Luxembourg turns out to have played a central role in the 165 million euro financing of the Palazzo Marini, Bill Gates’ new six-star hotel in the centre of Rome, close to the Trevi fountain, research shows.
The financial construction is a triangulation involving firms in Rome, Luxembourg and Puerto Rico. It has enabled the financing of acquisition of Palazzo Marini, a 16th century property in the centre of Rome. The property will be converted into a luxury Four Seasons hotel. The Four Seasons chain is majority-owned by Bill Gates.
The Luxembourg fund is called Marini International Holding (Luxembourg) Scs, is registered as a Reserved Alternative Investment Fund, known as Raif, and appears in the Grand Duchy’s business register. The fund was created in June with the Luxembourg-based management company European Capital Partners SA as AIFM, the external manager.
Florida-based Fort Partners Puerto Rico LLC
Several companies involved in the transaction have provided further details, with Fort Partners Puerto Rico LLC and law firm Dentons confirming their involvement. The Luxembourg manco did not respond to a request for more information, just like DeA CApital Real Estate, the Italian real estate firm that was involved.
With offices in Miami, Florida, Fort Partners is a real estate ownership, development and management company founded by entrepreneur and former Four Seasons employee Nadim Ashi. Under his leadership, Fort is developing, acquiring, and enhancing properties, turning them into “extraordinary places that positively transform its surroundings”, the firm said.
«A project in Rome has been a dream of mine for many years,” said Ashi in a statement. “We have a clear vision and can already see this magnificent place come to life. As with our other properties, Fort Partners› commitment to delivering top quality, excellence and elegance will be ever present in the execution of this project in the heart of Rome.»
Fort already has developed four Four Seasons hotels and is in the process of adding more. Through Cascade Investment LLC, the Four Seasons international hotel chain is owned by Microsoft founder Bill Gates, whose worth is estimated at around 114 billion dollars and who is one of eight billionaires with assets bigger than 100 billion.
Gates bought Prince Alwaleed’s stake in 2021
Bill Gates’ investment vehicle in September last year became the majority owner of Four Seasons Hotels and Resorts by buying about half of Saudi Arabian Prince Alwaleed bin Talal’s stake for 2.21 billion dollars. As a result, Gates’ stake increased to 71.3 percent. The hotel chain at the time was valued at about 10 billion dollars.
Law firm Dentons, in a statement, confirmed that it assisted Fort in the Rome deal, which , according to Italian press reports, took “months” to negotiate and is seen as one of the largest real estate transactions in Rome in recent years. Dentons said the acquisition was completed by Italian real estate fund Millennium Luxury set up by DeA Capital Real Estate, and “invested in” by the Marini International Holding fund in Luxembourg.
Luxembourg-based team at Dentons
From Luxembourg, Dentons said, the transaction was supported by its Luxembourg-based partners Jean-Luc Fisch, Namik Ramic, Stephane Hadet, senior associates Maria Rodriguez and Yifan Zang, associate Jinjing Zheng and counsel Vincent Quittre.
Fort Partners said its vision for the Palazzo Marini 3-4 in Rome will be “thoughtfully developed with a deep reverence for the building’s architectural importance within the Eternal City.” This vision will be led by “a collaborative team of exceptional talents who will transform the property in a manner that pays homage to its history while elevating it with a contemporary aesthetic that meets the needs of discerning global travellers.”
Fort’s head of communications Gabriela Navarro said she could not comment on the reasons for using a Luxembourg Raif in the financing of the property.
Previously owned by Sergio Scapellini
The Palazzo Marini was previously owned by Sergio Scapellini, a well-known Italian housing developer who passed away in 2018 at the age of 81. Scapellini at the time was subject to a corruption trial. Italian press reports said his real estate group for many years dominated urban planning agreements in Rome.
One Italian press report said the 165 million euro is purely to “pay for the walls” and that a further 300 million euro would be required to complete the transformation into a luxury hotel.
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