LONDON, 23 June 2025 – PGIM Real Estate has entered into a co-investment for a hotel, Hotel Leon d’Oro in Verona, Italy, with Dekus and HNH Hospitality.

The Hotel Leon d’Oro, located in central Verona, close to the city’s major attractions, including the Arena di Verona and the city centre. The hotel, acquired from a company owned by a private Italian family, is poised for a full refurbishment, including upgrades to common areas, a refurbishment of guest rooms, as well as improvements to mechanical and electrical systems with enhancements improving the property’s ESG profile.

This is the second investment for PGIM Real Estate and Dekus for their joint venture, which launched less than a year ago. PGIM Real Estate has provided the funding for the venture on behalf of its European value-add strategy and  Savills IM acquired the asset on behalf of the venture.

HNH will act as a minority shareholder as well as the operator and tenant for Hotel Leon d’Oro, which will be rebranded under the Hilton – DoubleTree brand. The partnership with HNH enables sourcing of additional opportunities in major Italian cities and tourist destinations, transforming privately owned hotels into branded, refurbished properties.

PGIM Real Estate’s European value-add strategy continues to leverage high-potential markets, focusing on repositioning assets to enhance value while capitalising on growing travel and tourism demand in strategic locations.

Musie Bocrezian, head of Italy at PGIM Real Estate, comments: “The value reset in the last three years has resulted in certain sectors emerging as winning investment opportunities; hospitality in Italy is just that. Hotel performance in Italy is strong, supported by solid market fundamentals and the rise in tourism. Through strategic acquisitions and active asset management via our European value-add strategy, we remain bullish on hospitality in Southern Europe, and we’re looking forward to partnering with HNH and Dekus for Hotel Leon d’Oro.”

Mauro Montagner, CEO of Dekus, comments: “Verona is a dynamic market, characterized by solid fundamentals and a growing interest in the hospitality sector. This acquisition reflects our strategic vision focused on enhancing assets located in prime locations through real estate redevelopment initiatives combined with high-level industrial partnerships such as the one with HNH. The operation further strengthens our collaboration with PGIM Real Estate, with whom we share an approach defined by value creation. We remain committed to pursuing an operational model based on quality, sustainability, and strong value generation.”

Luca Boccato, CEO at HNH, continues: “We are very proud to announce our first venture where we are involved not only in hotel management but also as minority shareholders. This is a strategic step for us, as it allows us to both leverage our expertise in hospitality management and contribute directly to the project’s development through our investment. This new direction, undertaken together with highly prestigious partners, holds special significance for us, as it is taking shape in one of the main cities of our region — a place we are deeply connected with. We firmly believe that high-value initiatives like this require an integrated vision, one that combines expertise in management, real estate, and branding: an approach that fully reflects our way of doing business.”

PGIM Real Estate is the third-largest investment firm globally with over US$212 billion in assets under management across equity,¹ debt and agriculture. DEKUS is an independent real estate investment management company based in Italy with a diversified portfolio of over €2 billion of assets. HNH Hospitality is one of the leading independent Italian hotel operators in the 4- and 5-star hotel and resort segment.

ABOUT PGIM REAL ESTATE

PGIM Real Estate is the world’s third-largest real estate investment manager, with US$210 billion in gross assets under management and administration,¹ and real estate professionals located in 30-plus cities worldwide. Built on our belief that strong performance is fueled by dynamic expertise, our global network of on-the-ground specialists is dedicated to opportunity creation, optimisation, and timely capital deployment amid shifting market conditions.

Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.

PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). For more information visit pgimrealestate.com.

ABOUT PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU). In 41 offices across 19 countries, our more than 1,450 investment professionals serve both retail and institutional clients around the world.

As a leading global asset manager with US$1.39 trillion in assets under management,² PGIM is built on a foundation of strength, stability, and disciplined risk management. Our multi-affiliate model allows us to deliver specialised expertise across key asset classes with a focused investment approach. This gives our clients a diversified suite of investment strategies and solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. For more information, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

ABOUT DEKUS

Dekus is an independent real estate investment management company based in Italy and headquartered in Milan. Founded in April 2024, it is a specialised firm focused on managing real estate investments, identifying, selecting, and overseeing qualified opportunities capable of delivering returns above market average. 

Dekus manages a diversified portfolio of over €2 billion of assets and offers highly specialised services to a wide range of institutional investors (private equity funds and sovereign wealth funds) as well as to family offices and high-profile private investors. The company is primarily active in the Italian real estate market but is also currently managing investments in France and Belgium. Since launching, Dekus has supported investors in the acquisition of hospitality projects for a value of €300 million.

ABOUT HNH HOSPITALITY

HNH Hospitality is one of the leading independent Italian operators in the management of 4- and 5-star hotels and resorts. Founded in 1999 from the entrepreneurial vision and hospitality expertise of the Boccato family, the Group today manages 16 properties located in cities such as Milan, Verona, Padua, Trieste, Bologna and Gorizia, as well as in top tourist destinations like Rome, Venice, Jesolo, Sicily and Sardinia. A young and dynamic group, HNH is driven by a passion for hospitality, a constant pursuit of innovation, combined with economic efficiency and continuous quality improvement. Development in major cities is often carried out in partnership with leading international brands such as Hilton, IHG, Accor, Radisson, and Best Western, through franchising agreements.

¹ As of 31 March 2025. Net AUM is US$136 billion and AUA is US$47 billion. PGIM Real Estate is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024. This ranking represents AUM as of 30 June 2024. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.

² As of 31 March 2025.

For media use only. All investments involve risk, including the possible loss of capital.

© 2025 PGIM Real Estate is the real estate investment management business of PGIM, the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. PGIM is a trading name of PGIM, Inc. and its global affiliates. PGIM, Inc. is an investment advisor registered with the U.S. Securities and Exchange Commission (the “SEC”). Registration with the SEC does not imply a certain level of skill or training. PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. Prudential, PGIM, their respective logos and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. In the United Kingdom, information is issued by PGIM Private Alternatives (UK) Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Private Alternatives (UK) Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 181389). These materials are issued by PGIM Private Alternatives (UK) Limited to persons who are professional clients as defined under the rules of the FCA. In the European Economic Area (“EEA”), information is issued by PGIM Luxembourg S.A. with registered office: 2, boulevard de la Foire, L1528 Luxembourg. PGIM Luxembourg S.A. is authorised and regulated by the Commission de Surveillance du Sector Financier in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, this information, where permitted, may be presented by either PGIM Private Alternatives (UK) Limited or PGIM Limited in reliance of provisions, exemptions, or licences available to either PGIM Private Alternatives (UK) Limited or PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. PGIM Limited and PGIM Private Alternatives (UK) Limited have their registered offices at: Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number: 193418). PGIM Private Alternatives (UK) Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number: 181389). These materials are issued by PGIM Luxembourg S.A., PGIM Limited or PGIM Private Alternatives (UK) Limited to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II) and/or to persons who are professional clients as defined under the rules of the FCA. PGIM operates in various jurisdictions worldwide and distributes materials and/or products to qualified professional investors through its registered affiliates including, but not limited to: PGIM Real Estate (Japan) Ltd. in Japan; PGIM (Hong Kong) Limited in Hong Kong; PGIM (Singapore) Pte. Ltd. in Singapore; PGIM (Australia) Pty Ltd in Australia; PGIM Luxembourg S.A.; and PGIM Real Estate Germany AG in Germany. For more information, please visit pgimrealestate.com.