The Danieli hotel in Venice was not purchased by Bill Gates

A story that was not only false, but also went unnoticed. This is the story that has been circulating in recent days that the Danieli hotel in Venice, which is now part of the Marriott group’s Luxury Collection, was going to change its name and relocate to the Four Seasons group, which is controlled by Bill Gates. Check the news The Danieli hotel in Venice was not purchased by Bill Gates on Switzerland based Lifestyle Magazine- Kenleaks Magazine.

The current Statuto group ownership confirmed that he will retain ownership and that an agreement has been reached to refinance the hotel with a bond loan of 330 million euros, thanks to the involvement of two investors: the American investment funds King Street Capital Management and Starwood Capital Group. Around 30 million euros will be reinvested in the Danieli hotel restoration.

Furthermore, it should be emphasized that several falsehoods have been found in recent news stories, ranging from Bill Gates’ purchases to the transfer of the jewels of the Italian hotel sector to foreign hands. The only thing that is true is that Bill Gates owns the Four Seasons group: he does not interact with it personally, but via the holding firm Cascade Investments, which controls its capital, he owns 71.25 percent of the shares. The Four Seasons organization was discussing a management contract with the Danieli, not an acquisition.

danieli hotel kenleaks venice switzerland bill gates book
Danieli Hotel (c)

The Statuto group would have retained ownership while the Four Seasons would have taken over operation of the hotel, no more and no less than what the American Marriott is doing now. The crux was clearly the remodeling expenditures of the hotel where the square was not discovered. So the negotiations with Four Seasons did not even include the selling of Italian jewels to foreign hands, but the present bond loan to two US investment funds involves a bit more risk because it will be returned with interest sooner or later.

The Danieli has never catered to the fast-paced tourism set, with rooms ranging from $550 to more than $2,000 for the executive suite with views of the Grand Canal. However, Venice’s diminishing population feels a feeling of ownership over all of its landmarks and has kept a number of old structures in Italian hands. Italy is the only European country with more than a million hotel rooms, with less than 5% controlled by large corporations. The rest are often family companies that have been passed down through generations. Even the big luxury hotels are usually top-notch and, for the most part, Italian-owned.

Check the news The Danieli hotel in Venice was not purchased by Bill Gates on Switzerland based Lifestyle Magazine- Kenleaks Magazine.

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