Shaner Corp. has formed a new division, Shaner Italia SRL, to own and operate hotels in Italy, and it has already made its first joint-venture acquisition there.
Shaner Italia has taken a major ownership position in the 180-key Il Ciocco Hotel & Resort in Barga, in the Apennine Mountains of the Tuscany region. The original owners, the Marcucci family, will retain an ownership interest in the property.
The hotel will undergo a multimillion-euro renovation and convert to Marriott’s Renaissance brand late this year or in early 2012 under the name Renaissance Il Ciocco Tuscany Resort & Spa. Shaner Ciocco, a subsidiary of Shaner Italia, will manage the 5-star hotel.
“There is growing worldwide demand for internationally-recognized hotel brands,” says Lance Shaner, chairman and CEO of Shaner Hotel Group. “Italy is a great hotel market but requires strong local knowledge for long-term success. Over the next several years, we intend to partner with local owners/investment groups to develop or acquire up to five hotels. We will focus on Marriott-branded hotels, looking at major cities and resort areas primarily in Tuscany and then eventually expanding to other parts of Italy. We will look for opportunities ranging from luxury hotels to upscale focused-service properties.”
Shaner Italia has taken a major ownership position in the 180-key Il Ciocco Hotel & Resort in Barga, in the Apennine Mountains of the Tuscany region. The original owners, the Marcucci family, will retain an ownership interest in the property.
The hotel will undergo a multimillion-euro renovation and convert to Marriott’s Renaissance brand late this year or in early 2012 under the name Renaissance Il Ciocco Tuscany Resort & Spa. Shaner Ciocco, a subsidiary of Shaner Italia, will manage the 5-star hotel.
“There is growing worldwide demand for internationally-recognized hotel brands,” says Lance Shaner, chairman and CEO of Shaner Hotel Group. “Italy is a great hotel market but requires strong local knowledge for long-term success. Over the next several years, we intend to partner with local owners/investment groups to develop or acquire up to five hotels. We will focus on Marriott-branded hotels, looking at major cities and resort areas primarily in Tuscany and then eventually expanding to other parts of Italy. We will look for opportunities ranging from luxury hotels to upscale focused-service properties.”