Bill Gates has once more opened his pocketbook, and this time he wants to buy a palace from the 17th century in Rome.
What took place: According to The Daily Beast, the co-founder of Microsoft (NASDAQ: MSFT) directed his Cascade Investment LLC to put a $21 million down payment on the Palazzo Marini in order to buy the building for $170 million. Al Waleed bin Talal Al Saud, a Saudi investor, and Gates jointly own Cascade Investment.
The central Rome building Palazzo Marini spans four distinct blocks and takes up the full side of Piazza San Silvestro. Pope Innocent XII commandeered the castle to house the Pontifical Tribunal after it had been the residence of Italian monarchy. The Italian parliament’s cafeteria and a temporary Ikea store have both resided there in recent years. If the deal closes, the property will once again be converted into a five-star hotel.
What Else Took Place: This is Gates’ second effort this year to purchase a lavish Italian villa for hospitality purposes: The Giuseppe Statuto Group, who owns the famous Danieli Hotel in Venice, reportedly changed its mind about selling the building after obtaining a loan to pay for improvements, according to a report in The Daily Beast.
New hotels from the Toronto-based Four Seasons Hotels and Resorts have just debuted in Minneapolis, Napa Valley, Fort Lauderdale, and Taormina, Sicily. This summer, Nashville will host the debut of the company’s newest hotel.