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The CDP Group has signed a new deal with Club Med and TH Resorts to breathe new life into a disused building on the Venice Lido: two luxury resorts with a total of 530 rooms and an investment of €110 million
The commitment to the redevelopment of the Italian territory is an integral part of the CDP Group's mission: this work includes urban regeneration schemes, essential to breathe new life into symbolic parts of Italy that, after a period of neglect and abandonment, are brought back to form a central part of the community.
The latest deal signed with Club Med and TH Resorts, will transform a former hospital in the waters of the Lido of Venice, owned by the FIV Fund, with an investment of over €110 million.
The initiative is for the construction of two hotel facilities: Club Med, in particular, plans to open a luxury resort with 350 rooms, suitable for families and open 9 months of the year; TH Resorts, the national leader in the sea and mountain resort sector, - 45.9% funded by CDP Equity - intends to focus on a 4-star superior resort with 180 rooms, also dedicated to families. The project was made possible thanks to the joint involvement of CDP Group companies: in addition to the CDP Equity funding, in fact, the investment for construction of the two buildings will come from CDP Investimenti SGR, which has owned the abandoned area for many years, and therefore will lead to a major operation of territorial regeneration with multiple positive outcomes.
The new initiative, in fact, will have a direct positive impact on employment, creating around 400 jobs, and an indirect impact, generating around 1,000 local jobs in the accommodation sector of the economy. Furthermore, the project will allow the whole Venice Lido area to be re-launched in keeping with the former Hospital's focus on wellness and health.
"The agreement reached today after months of work represents a concrete step in our support for the tourism industry, with CDP promoting a separation of property ownership of the villages from hotel management and the development of abandoned buildings.
This is a great opportunity to relaunch the Lido in Venice, where we are involved as the CDP Group as well as a contributor to the infrastructure of social housing with major investments in the fibre optic network, through funding in Open Fiber " said CEO Fabio Gallia who expressed his great satisfaction about the deal - "I am convinced that these investments, in partnership with sector leaders and jointly with the local authorities of Venice and the Veneto Region, are destined to add further value to a region which is unique in the world for its culture and landscape", concluded Gallia.
The just signed deal also represents a strong testimony of CDP Group work in the tourism sector and in Urban Transformation, two streams of complementary activities that highlight their close relationship with local communities and their commitment to promote projects which return functional spaces back to the community starting with areas of beauty.