Lithuanian group Apex Alliance, in collaboration with Romanian investor Pavăl Holding, has acquired the iconic Grand Hotel Gardone, located on the shores of Italy’s Garda Lake.

Next year, a renovation and preservation plan valued at €45m ($48m) will be implemented and is expected to conclude by spring 2026. It aims to upgrade the hotel to a premium five-star establishment with Apex Alliance Hotel Management as the official hotel operator.

The investors are committed to maintaining the hotel’s rich heritage while introducing new developments.

The hotel features 167 rooms with lake-facing balconies. Its attractions include gardens, a private shoreline and beautiful architecture.

Apex Alliance’s acquisition of the Grand Hotel Gardone represents a significant milestone for their international hotel management division, which currently oversees 15 hotels across Europe under brands like Hilton, Marriott and Radisson.

In addition to this acquisition, Apex Alliance and Lithuanian company Hanner are working on a new 324-room hotel in Venice. The hotel is set to open in mid-2024 under the Hampton by Hilton franchise. Ernst and Young along with KPMG Italy and Romania have provided consultancy services for the transaction.

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Apex Alliance partner Vytautas Drumelis said: “Following the planned reconstruction and conversion of the hotel into a prestigious five-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 private shoreline, the hotel will undoubtedly contribute to the region’s development, stimulate tourism and attract new future investments.”

The hotel will open in June 2023 for the Italian summer season.