ECE has never before developed a hotel asset in Italy, but there is a first time for everything. The Germany-based company, best known for retail property, is working on a listed office building in the middle of Rome, which will become a Ruby Hotel with 165 rooms.
The €60 million development is being orchestrated under ECE’s “Work & Live” unit as the company said it was expanding development activities in the hospitality asset class to international markets as well as to the conversion of existing properties. The conversion of a listed property from the early 19th century is a major change of use given it was used as an office building until recently.
Source: propertyeu.info on the 8th of March
https://propertyeu.info/Nieuws/ECE-division-undertakes-first-hotel-development-in-Italy/cfdeed92-3cb6-40da-bd8b-dda07661d176