The Mondello Palace Hotel in Palermo has been recently sold by Società Industria Alberghiera Turistica S.p.A. (S.I.A.T.) to Mondello Palace Hotel S.r.l., a subsidiary of Geimcor S.p.A., linked to entrepreneur Luigi Masciotta. The new owners plan to invest over 10 million Euros to redevelop the closed hotel into a luxury property, with completion expected by December 2024.
They have also signed an agreement with Accor for rebranding the hotel. The hotel’s management will remain with S.I.A.T. under a 15-year lease contract with the option for an additional 15 years. The lease contract excludes a portion of the property. Geimcor S.p.A. is also involved in acquiring and renovating other hotels in the region, including the Principe d’Aragona Hotel in Modica and the Splendid Hotel Taormina, which was recently upgraded to a 4-star property.