The hotel Leon d’Oro, acquired from a company owned by a private Italian family, is poised for a full refurbishment, including upgrades to common areas, a refurbishment of guest rooms, as well as improvements to mechanical and electrical systems with enhancements improving the property’s ESG profile. The Hotel is located in central Verona, close to the city’s major attractions, including the Arena di Verona and the city centre.
HNH will act as a minority shareholder as well as the operator and tenant for Hotel Leon d’Oro, which will be rebranded under the DoubleTree by Hilton brand. This partnership with HNH enables sourcing of additional opportunities in major Italian cities and tourist destinations, transforming privately owned hotels into branded, refurbished properties.
This is the second investment for PGIM Real Estate and Dekus for their joint venture, which launched less than a year ago. PGIM Real Estate has provided the funding for the venture on behalf of its European value-add strategy and Savills IM acquired the asset on behalf of the venture.
PGIM Real Estate’s European value-add strategy continues to leverage high-potential markets, focusing on repositioning assets to enhance value while capitalising on growing travel and tourism demand in strategic locations.
Musie Bocrezian, Head of Italy at PGIM Real Estate, comments: “The value reset in the last three years has resulted in certain sectors emerging as winning investment opportunities, hospitality in Italy is just that. Hotel performance in Italy is strong, supported by solid market fundamentals and the rise in tourism. Through strategic acquisitions and active asset management via our European value-add strategy, we remain bullish on hospitality in Southern Europe, and we’re looking forward to partnering with HNH and Dekus for Hotel Leon d’Oro.”
Mauro Montagner, CEO of Dekus comments: “Verona is a dynamic market, characterized by solid fundamentals and a growing interest in the hospitality sector. This acquisition reflects our strategic vision focused on enhancing assets located in prime locations through real estate redevelopment initiatives combined with high-level industrial partnerships such as the one with HNH. The operation further strengthens our collaboration with PGIM Real Estate, with whom we share an approach defined by value creation. We remain committed to pursuing an operational model based on quality, sustainability, and strong value generation.”
Luca Boccato, Chief Executive Officer at HNH, continues “We are very proud to announce our first venture where we are involved not only in hotel management but also as minority shareholders. This is a strategic step for us, as it allows us to both leverage our expertise in hospitality management and contribute directly to the project’s development through our investment. This new direction, undertaken together with highly prestigious partners, holds special significance for us, as it is taking shape in one of the main cities of our region—places we are deeply connected with. We firmly believe that high-value initiatives like this require an integrated vision, one that combines expertise in management, real estate, and branding: an approach that fully reflects our way of doing business.”
Alan Mantin, Vice President, Development Southern Europe, Hilton said: “”We’re delighted to introduce the DoubleTree by Hilton brand to Verona, marking the eighth DoubleTree property in Italy. Verona, renowned for its rich history, romantic charm, and vibrant cultural scene, has seen a strong rise in demand for high-quality accommodations in recent years. This opening reflects our ongoing commitment to expanding Hilton’s presence in a range of destinations across Italy, serving a wide variety of both business and leisure traveller needs.”
PGIM Real Estate is the third largest investment firm globally with over $212bn in assets under management across equity, debt and agriculture. DEKUS is an independent real estate investment management company based in Italy with a diversified portfolio of over €2 Bn of assets. HNH Hospitality is one of the leading independent Italian hotel operators in the 4- and 5-star hotel and resort segment.
ABOUT PGIM REAL ESTATE
PGIM Real Estate is the world’s third-largest real estate investment manager, with $210 billion in gross assets under management and administration,1and real estate professionals located in 30+ cities worldwide. Built on our belief that strong performance is fueled by dynamic expertise, our global network of on-the-ground specialists is dedicated to opportunity creation, optimization, and timely capital deployment amid shifting market conditions. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.
PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). For more information visit pgimrealestate.com.
ABOUT DEKUS
Dekus is an independent real estate investment management company based in Italy and headquartered in Milan. Founded in April 2024, it is a specialized firm focused on managing real estate investments, identifying, selecting, and overseeing qualified opportunities capable of delivering returns above market average. Dekus manages a diversified portfolio of over €2 Bn of assets and offers highly specialized services to a wide range of institutional investors (private-equity funds and sovereign wealth funds) as well as to family offices and high-profile private investors. The company is primarily active in the Italian real estate market but is also currently managing investments in France and Belgium. Since launching, Dekus has supported investors in the acquisition of hospitality projects for a value of €300 MM.
ABOUT HILTON
Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 24 world-class brands comprising more than 8,600 properties and nearly 1.3 million rooms, in 139 countries and territories. Dedicated to fulfilling its founding vision to fill the earth with the light and warmth of hospitality, Hilton has welcomed over 3 billion guests in its more than 100-year history, was named the No. 1 World’s Best Workplace by Great Place to Work and Fortune and has been recognized as a global leader on the Dow Jones Sustainability Indices. Hilton has introduced industry-leading technology enhancements to improve the guest experience, including Digital Key Share, automated complimentary room upgrades and the ability to book confirmed connecting rooms.
Through the award-winning guest loyalty program Hilton Honors, the more than 218 million Hilton Honors members who book directly with Hilton can earn Points for hotel stays and experiences money can’t buy. With the free Hilton Honors app, guests can book their stay, select their room, check in, unlock their door with a Digital Key and check out, all from their smartphone. Visit stories.hilton.com for more information, and connect with Hilton on Facebook, X, LinkedIn, Instagram and YouTube.
ABOUT DOUBLETREE BY HILTON
DoubleTree by Hilton is a fast-growing, global portfolio of nearly 700 hotels with more than 155,000 rooms across nearly 60 countries and territories. For more than 55 years, DoubleTree by Hilton has continued to be a symbol of comfort for business and leisure travelers around the world, from welcoming guests with its iconic, warm DoubleTree chocolate chip cookie, to serving the local community. DoubleTree by Hilton offers contemporary accommodations and amenities, including unique food and beverage experiences, state-of-the-art fitness offerings and meetings and events spaces.
Experience a comfortable stay at DoubleTree by Hilton by booking at doubletree.com or through the industry-leading Hilton Honors app. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits. Learn more about DoubleTree by Hilton at stories.hilton.com/doubletree, and follow the brand on Facebook, X and Instagram.
