The Lithuanian group Apex Alliance and Romanian Pavăl Holding announce the successful acquisition of the iconic Grand Hotel Gardone, inaugurated in 1884 on the shore of the Italian Garda Lake.
The opening of the iconic hotel is scheduled for June 2023, marking the beginning of this year’s summer season.
As of 2024, the hotel will undergo a 45 million euros investment plan for renovation and preservation works that will put Grand Hotel Gardone on the premium 5-star hotels map. The Apex Alliance Hotel Management has been announced as the official hotel operator.
“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 breath-taking 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”, said Vytautas Drumelis, Partner of Apex Alliance.
The two investment partners, Apex Alliance and Pavăl Holding, commit to preserving the hotel’s rich heritage, that has captivated visitors for decades with its timeless elegance, 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.
“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.” said Karina Paval, vice president of Pavăl Holding.
The classical style Grand Hotel is renowned for its beautiful architecture, preserved gardens, private shoreline, and 167 rooms with lake-facing balconies. Notable guests of the past include Winston Churchill, Gabriele “The Poet” D’Annunzio, King George of Saxony, the Nobel Prize-winning poet Paul Heyse, the novelists William Somerset Maugham and Vladimir Nabokov.
Starting June, guests can immerse in the hotel’s history, arts, and culture, as it will remain open until late autumn of 2023.
Following expansion plans in Italy, Apex Alliance and Lithuanian company Hanner are constructing a new 324-room hotel in Venice, set to open in summer 2024 under the Hampton by Hilton franchise.
The group’s acquisition of the Grand Hotel Gardone is a significant milestone for international operator Apex Alliance Hotel Management, which now manages 15 hotels across Europe, operated under renowned global brands like Hilton, Marriott, and Radisson.
Ernst & Young and KPMG Romania & Italy provided consultancy services for the transaction.