Redevelopment Long Lease

Redevelopment long lease of 50 years, from 2008 to 2058 (assigned to a specialised company called “Villa Tolomei Srl” that performed the renovation of the asset, destination of use: hotel). 2013: sale of the property by the State (managed by the Italian Public Property Agency) to CDPI SGR. CDPI SGR has made available for sale the renovated and fully functional hotel (private tender).

Asset Designation

“Villa Tolomei” is located in the hills south-west of Florence, in Via di Santa Maria a Marignolle and is constituted of different units comprised within an area of about 18 hectares intended as a park (about 4,300 sq.m of covered surface area). The Villa was recently renovated and turned into a 5-star tourist accommodation (Villa Tolomei Hotel and Resort). The tourist accommodation is managed by a specialised company called “Villa Tolomei Srl” (who won the public tender in 2007) via a redevelopment long lease of 50 years expiring on 31/12/2058. The hotel is composed of 30 rooms: 7 classic, 6 superior, 14 junior suite and 3 suite (2 of which can host disabled persons). The structure perfectly combines a luxury hotel with cutting-edge comforts and a welcoming relais outside of time and inside history.

Owner

The asset is currently owned by CDPI SGR and was purchased from the Italian State via the Italian Public Property Agency on 28/!2/2013 by deed of sale (pursuant to Art. 11 quinquies, D.L. no. 203 of 2005). Due to its features, the asset is subject to restrictions by the Ministry of Cultural Heritage and Environmental Conservation in accordance with D.L. no. 42 of 2004. The asset is currently available for sale (via private tender).

Original Destination of Use

The complex, dating back to 1300 and located in Via di Santa Maria a Marignolle, belonged to the Tolomei historic family. The current destination of use is hotel.

Public Bodies Involved in the Purchase/Lease Procedure

The Italian Public Property Agency, which inserted the asset in the “Valore Paese-Dimore” project in order to redevelop and restore public assets of great historical and artistic value that are not being adequately used.

Costs

Restoration and redevelopment works continued for 5 years and the final investment amount to about €10 million.

History of Restoration

Until 2008, when Villa Tolomei was leased to Villa Tolomei Srl, the structures, composed in part by a monumental part and by two minor buildings, were abandoned and decayed before the redevelopment. The restoration of the whole complex occurred in 3 phases:

• Phase 1 involved the request and receipt of numerous required authorisation to commence the works:
• Phase 2 entailed the consolidation of all structures, attics, coatings, etc.
• Phase 3 was the actual restoration.

The operation was financed in party by partners and in part by the Bank of Sardinia and the Mediterranean Banking Group (GBM), Rome office. The management of the hotel was entrusted to the IsHotel – Luxury Hotel Management, whereas the commercial farm was entrusted to the MetaResort Srl.