Palermo, Mangia’s takes over the Hotel des Palmes from the Algebris fund

The Grand Hotel et Des Palmes, the historic hotel located in the center of the Sicilian capital, is back in Italian and in particular Palermo hands. Aeroviaggi, company of the Mangia family and owner of the Mangia’s hotel chain, among the top 5 Italian hospitality groups by turnover, has closed an agreement with the Algebris fund which had taken over the hotel (for 12 million) in September 2020 as part of of the disposals of Acqua Marcia and had entrusted it to the management of the Corvaja group. The hotel had been completely renovated aiming on the one hand to recover the splendor of the ancient historic residence and on the other by introducing a functional and elegant contemporary design.

The purchase of the structure by Aeroviaggi (which according to sources close to the dossier is worth around 30 million) was also completed thanks to the support of Unicredit “which further strengthens the consolidated partnership with the company”. The hotel, which is located in the city center a few blocks away from the Teatro Massimo, boasts 123 rooms and a capacity of up to 250 guests. Mangia’s is expected to take over from the current management company by the end of the year. «For a group like ours, based in Palermo – says CEO of Aereoviaggi Marcello Mangia -, the entry of this iconic structure of the city into the portfolio is a source of great satisfaction and pride. With the acquisition of the Grand Hotel et Des Palmes we have taken a first step in launching our strategy dedicated to 5-star city and 5-star luxury hotels. We intend to identify other high-level and online structures in other Italian cities.” In parallel, the Aeroviaggi group, which closed 2023 with a turnover of 114 million euros (+40% on 2022), also took over Palazzo Favaloro Gallo from Unicredit, also in the center of the city, a historic building built in 1908 again in Art Nouveau style: in this case the renovation works to place it still in a luxury segment, with an investment of 10 million, will begin in September.

The purchase of the Grand Hotel et De Palmes is part of the Aeroviaggi group’s strategy to grow in the luxury city hotel segment: «There are other operations being evaluated in some cities of art» says Marcello Mangia. In the immediate future, the city hotel line will contribute to a growth in the Group’s turnover of approximately 12% starting from 2025. Meanwhile, in 2024 the Hotels & Chains Report published by Horwath HTL places Mangia’s in first place in the ranking of Italian chains and in fourth place among international chains, in terms of number of keys reached in the 5-star and 5-star luxury segment.

Also on the city hotel development front, Aeroviaggi confirms its already consolidated strategy: partnerships with important international hospitality brands, as happened in the recent past for other structures currently in the portfolio (Mangia’s Brucoli, Sicily with the Autograph Collection by Marriott International and Mangia’s Santa Teresa Sardinia with the Curio Collection by Hilton). Possible collaborations with important brands will also be evaluated for catering and wellness services.