Reuben Brothers has acquired Baglioni Hotel Luna, one of the most iconic properties in the heart of Venice.

Located just 50 meters from Piazza San Marco and directly facing San Giorgio Island, the 93-room, 90,000ft2 building dates back to the 12th century and is one of the oldest in the city, with some of its frescos deriving from the students of the foremost 16th century Venetian painter, Gianbattista Tiepolo.

The property transaction has taken place alongside a strategic partnership between the Reubens and Baglioni to facilitate the rollout of Baglioni-branded hotels around the world. The expansion will be managed and developed by Patrimonia Real Estate, who also originated and assisted the Reubens on the transaction.

Part of the agreement foresees the sale and lease back of Baglioni Luna, which becomes Reuben Brothers’ second hotel investment in Venice following the arrival of Palazzo Experimental, a boutique property on the Giudecca Canal. Refurbishments are underway, with the goal to open the renovated Baglioni in Summer 2021.

The acquisition is the latest addition to the Reuben’s existing European pipeline, joining properties in Capri, Rome and Verbier, together with London’s In & Out Club on Piccadilly, Great Marlborough St. in Soho and the soon-to-be launched Mondrian Shoreditch and Curtain Members’ Club. In New York City meanwhile, the brothers recently acquired The Surrey Hotel, an iconic property on Manhattan’s Upper East Side.

“The acquisition of one of the leading luxury hotels in Venice plays perfectly into our wider strategy and complements our existing portfolio, which now also includes the famous La Palma Hotel in Capri,” says Jamie Reuben. “The investment further underlines our belief in the strength of the Venice market. We are also pleased to work with Baglioni Hotels in developing their brand into new markets.”

The Baglioni Hotels & Resort was founded in 1974 by Roberto Polito and represents the only independent luxury Italian hospitality brand with hotels in Rome, Venice, Florence, Punta Ala (Tuscany), London and Maldives. Guido Polito, CEO of Baglioni Hotels & Resorts, adds: “Baglioni is proud that an important investor such as Reuben Brothers has seen the potential of the Baglioni brand in the luxury hotel market and has showed a strategic alignment with us regarding the future development in Italy and internationally.”