London, 26 January 2025 – RoundShield, the European private credit and tactical opportunities arm of Harrison Street Asset Management, has announced the acquisition of a rare 40-hectare property in Menaggio, Lake Como, to create a world-class 5-star luxury resort which will be managed and branded by Corinthia Hotels. The redevelopment and asset management will be carried out by Kervis SGR S.p.A. on behalf of the Putter Fund, which is fully invested by a RoundShield entity. The announcement comes alongside a growing focus from RoundShield on luxury, leisure-driven hospitality and residential assets across Europe.
Situated on the grounds of Italy’s second-oldest golf course and overlooking the western shore of Lake Como, the site comprises three residential villas, a clubhouse, and is permitted for a 5-star 58-key hotel development. A lakefront plot will also be developed as a beach club and function as an extension of the hotel, to form a fully integrated resort. The project is designed to celebrate the natural beauty and historic character of the location while delivering a best-in-class hospitality experience.
Corinthia Lake Como will be operated by Corinthia Hotels, a global luxury hospitality group known for its flagship properties in New York, London, Brussels and soon-to-be Rome. In addition to the new hotel development, the project will include three branded residences and expansive wellness and dining amenities, on top of a state-of-the-art golf course, with each component designed to reflect the character and charm of the surrounding landscape.
The project is being managed by Kervis Group, an Italian real estate and special situations investment manager with over €1.5 billion in assets under management. The firm focuses on value-added, capex intensive projects and partners with best-in-class GPs and LPs to unlock value in complex situations, leveraging its expertise across asset classes and geographies.
Lake Como remains one of Europe’s most iconic and supply-constrained destinations, offering exceptional natural beauty, international appeal, and limited opportunity for new development under current zoning regulations. The project’s combination of heritage, scale, and direct lake access positions it as one of the few integrated resort opportunities in the region.
“We are proud to bring this extraordinary site to life with Corinthia and Kervis, blending Lake Como’s heritage with an elevated luxury offering” said Philipp Henle, Managing Director at RoundShield. “This project reflects RoundShield’s growing focus on luxury hospitality-led real estate in prime European destinations, such as the Six Senses Loire Valley, with additional projects forming part of a carefully curated growth pipeline”.
“We are honoured to be expanding our portfolio in Italy and to partner with RoundShield and Kervis on this landmark project,” said Simon Casson, CEO Corinthia Hotels. “Lake Como is one of the world’s most admired destinations, and this development represents a shared commitment to excellence and authenticity. Together, we will deliver a hotel that celebrates the region’s splendour and heritage while exemplifying Corinthia’s standards of timeless, thoughtful luxury.”
“We are delighted to partner with Corinthia and RoundShield on this unique opportunity to bring back to life one of Lake Como’s most iconic destinations. The project perfectly embodies Kervis’ vision of combining heritage, sustainability, and excellence in hospitality to create long-term value for both our investors and the local community. This investment also reflects Kervis’ broader strategy of partnering with leading global operators and institutional capital to reposition landmark Italian destinations,” said Federico Romito, Partner and Head of Acquisitions at Kervis SGR.
Construction is expected to begin following final planning approvals, with operations targeted to launch in late 2028.