VENICE, Italy—Hines Italia SGR has taken over the management of the “Real Venice I fund” from the previous manager, Est Capital SGR, represented by Angelo Pappadà, the special commissioner appointed by the Bank of Italy.

Real Venice I owns a number of properties on the Venice Lido, including the hotels Excelsior and Des Bains. These two cultural and historical landmarks will undergo renovation, starting with a series of works to ensure the Hotel Des Bains is safe and secure.

"As part of the fiduciary responsibility to unit holders and banks financing the project we take on today, we will remedy the mistakes of the previous management and revive architectural and cultural landmarks such as the exclusive Excelsior and Des Bains hotels, which deserve to be once again internationally acknowledged beacons of Italian excellence and Venice's pride and joy,"said Manfredi Catella, Hines Italia SGR shareholder and managing director.