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Emirati real estate developer Mohamed Alabbar plans to develop a luxury resort in an Italian castle, investing up to $200 million, Bloomberg reported on Tuesday.
The founder of Emaar Properties and Abu Dhabi-based Eagle Hills Properties has recently acquired the historic Castello di Antognolla complex in Umbria for approximately $55 million and plans to spend up to $145 million more to develop it.
The estate is Alabbar’s personal investment and is not being made through either of his companies, Emaar or Eagle Hills, the news agency said, quoting the Emirati developer.
The planned development will target affluent global clients by hosting events and competitions in the fashion industry, as well as food and beverage.
Alabbar’s Italian property is a 12th century castle and estate. The investment is part of a plan to develop a luxury destination featuring the Six Senses brand, according to other reports. It will include a 71-room hotel, a golf course, villas and apartments, and a wellness centre.
(Writing by Cleofe Maceda; editing by Seban Scaria)
