The order is a lay institution under the protection of the Holy See whose first mention in historical records dates to 1336. Today, the charitable group has approximately 30,000 members in almost 40 countries and is dedicated to supporting the Church in the Holy Land.
The Renaissance-era Palazzo della Rovere is about a three-minute walk from St. Peter’s Basilica and features a turret, a grand courtyard, and frescoes by Pinturicchio on the main floor.
The order has been under pressure from the Italian state for years to renovate the decaying building.
A March 13 report from the Wall Street Journal said that Fort Partners had agreed to a 30-year lease and to invest 54 million euros ($57.5 million) into the restoration, which will be carried out under the direction of Italian architect Fabrizio Casiraghi.
The Wall Street Journal cited Fort Partners Chief Executive Nadim Ashi, who said the hotel will have between 55 and 60 rooms and a courtyard restaurant when it is completed.
Fort Partners expects the luxury project to be finished in 2025, in time for the Catholic Church’s Jubilee Year.
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