TRUST AND RELIABILITY

di Corrado Trabacchi

21 May 2024

BEYOND SERVICE OFFERINGS, THE VALUE OF PARTNERSHIPS

Inaugurated in March 2023, by recovering and restoring Palazzo Salviati Cesi Mellini, in the heart of the Rome, the Six Senses  is the flagship project of the year for Starching: a real estate initiative that showcases the partnership between the integrated design firm and Orion European Real Estate Fund V (sponsored by Orion Capital Managers), which at the end of October sold it to the Statuto Group for a record-breaking amount.

We are talking about a €245 million worth operation, with 2.6 million per key: according to experts, this is the transaction with the highest price per room ever recorded in Italy. It is also worth noticing that the asset was acquired in 2018 by Orion European Real Estate Fund V (sponsored by Orion Capital Managers) for €95 million (project was therefore estimated at one million euros per room).

Economic and financial data depict a real estate development operation rewarded by the timing with which Six Senses became one of the world’s finest luxury hotels among those inaugurated in recent months. The trust between Orion and Starching has been the decisive element in a partnership that is much more than a service offering.

“Six Senses is undoubtedly an excellence for Orion. Hospitality has always been one of the sectors on which we invest internationally, but we do so very selectively. Having a solid and competent partner like Starching in Italy – says Corrado Trabacchi, partner at Orion Capital Managers – with whom we have consolidated a relationship for over twenty years, ensured the success of this operation. Understanding the industry, the context, the conditions, the profile of operators and partners, and the timely input from the design company’s team are crucial for us to assess the feasibility of an initiative.

Ten years ago, the idea of what would later become the Six Senses in Rome took off, reaching the finish line with success confirmed by economic data. But when it comes to timing, Trabacchi is candid: ‘If we decide to embark on an operation, and Starching realizes that permitting requires lengthy timelines, it’s crucial for us that this is known right from the start of the entire operation.’ In this specific case, ‘since 2012, we have been looking for an operation for a luxury five-star hotel in Rome. It was a very long selective process because, on the one hand, all operators were interested, but on the other hand, there were no suitable properties. Together with Starching, we conducted dozens of site visits and evaluations, but in general, we encountered many critical issues that made the operation risky: from permits to location, through blocked urban planning transformation. Finally finding the suitable property on Via del Corso made the Six Senses project possible.'”

‘The choice of a luxury five-star property in Rome was visionary. ‘We acted ahead of the game, and undoubtedly, this was the key to success. The significance of the operation is evident from the final sale, with a record price that experts say ranks among the top 3 in Europe.

For Orion, Starching is like a plug and play, where we seek support according to the operations: design, project management, and construction site supervision.’

Starching supports Orion with the expertise of an integrated design firm, but an investor needs something more, which falls under the concept of quality over time, reliability.

“The turning point is finding a partner who takes responsibility for telling you things as they are, with competence and vision. We don’t live in a black-and-white world; there’s a matter of representing competence that must be accompanied by a relationship of trust.” Trabacchi explains the need to rely on a business and professional relationship with someone “who represents the entire panorama of a project correctly and comprehensively, with perspectives and alerts.”

The professional relationship between Orion and Starching began in Rome, with the Aura shopping center, inaugurated in 2018. Another challenge that led to the realization of a multifunctional center with an urban shopping mall near the former Veschi furnace: an urban regeneration initiative that benefited from intense dialogue between public and private sectors, revitalizing a previously abandoned and degraded area, a few steps from the walls of the Vatican City, returning it to the neighborhood. After completing the Six Senses operation, Orion and Starching are together in 2024 in Genoa for the Levante Waterfront operation, as well as in Milan for two real estate development initiatives with the Milano 3.0 and Park West operations.

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