PPP Business Plan 09 03

Three P 

privilege privacy prestige

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Three P 

privilege privacy prestige

Table of Contents 

i 

Introduction 

7 

ii 

Overview 

9 

iii 

Business Concept 

19 

iv 

Business Model 

29 

v 

Marketing Plan 

35 

vi 

Economics 

45 

Value Of The Company 

47 

Appraisal 

59 

Refurbishment Project 

107 

vii 

The Team 

145

introduction 

We would like to take the opportunity to present a unique business 

concept. Having studied the available luxury accommodations in Rome, 

it became apparent that there are no real luxurious accommodations 

that offer complete privacy and services for the elite Very Important 

Person from all over the world. 

The business concept is built on: 

City: Rome 

Location: The Palazzetto, 16th Century Historical Asset 

Management Team: Offering Beyond Expectations to Private Guests 

Global Networking: Using global outlets for booking. 

The exclusivity of the P is key to satisfying Private Guests. Additional 

key ingredients will be the architectural modifications and exceptional 

management. In evaluating the value of the project in a prudential way 

the following factors were considered: Architectural modifications, 

appraisals, booking studies, financial projections, management and 

economics. 

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II 

Overview

overview 

Virtues Of Rome 

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overview 

The most well-known 

city for art, culture 

& history 

The Vatican is located 

in the middle 

of the city 

Rome 

Is Unique 

Capital of the world 

in gastronomy 

& fashion 

International and 

cosmopolitan 

destination 

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overview 

Visitors Of Rome 

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overview 

Kevin 

Spacey 

Actor 

Prince Harry 

Of Wales 

Public Figure 

Robert 

De Niro 

Actor 

Emma 

Stone 

Actor 

Christiano 

Ronaldo 

Sports Star 

Roger 

Federer 

Sports Star 

Brad 

Pitt 

Actor 

The Visitors 

Of Rome 

Are Unique 

Angelina 

Jolie 

Actor 

Queen Mathilde 

of Belgium 

Public Figure 

Matthew 

McConaughey 

Actor 

Leonel 

Messi 

Sports Star 

Salman 

Rushdie 

Literary Figure 

Scarlet 

Johansson 

Actor 

Michael 

Caine 

Actor 

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overview 

The Asset 

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Private garden 

Terraces 

Amazing view 

From Balconies 

& Garden fountain 

Hand crafted details 

High vaulted cielings 

Famous busts 

Frescos 

Painted ceilings 

the 

palazzetto 

is unique 

Historic prestige 

Multiple private 

entrances 

Private internal 

staircase 

Little chapel 

Open spaces 

Fireplace 

Large windows

overview 

Rome 

The building within which P. will be established is located in the heart of Rome (Italy), specifically at Piazza Campitelli, 2, 

a secluded and intimate part of Rome, which unlike the locations of our competitors, is not subject to the high volume of 

tourist and traffic. 

According to a 2013 report from Jones Lang LaSalle, Rome remains the most visited city in the world and that the hotel 

sector in the Italian capital has experienced steady growth over the years with signs of strong long-term growth to 

continue. 

Despite the adverse economic environment, tourism to Rome strengthened further over the last few years. Demand continues 

to be driven by international guests representing approximately 70% of the total available beds per night, confirming 

Rome’s reputation as an established international leisure destination. 

Rome is Italy’s largest city and is considered the country’s most important tourist destination, benefiting from a well-diversified 

market mix. Rome has an unparalleled archaeological, cultural, artistic and historical heritage, making it one of 

Europe’s, and the world’s most visited, famous and attractive capital. Rome can truly be classified as a ‘global city’ and is 

also widely recognized for its charming traditions, the unique character of some its neighborhoods, its breath-taking panoramic 

views, beautiful parks and growing nightlife scene. 

Another strong signal is the fact that over the last 5 years US Film Production companies are producing more and more 

films in Europe. Increasingly, film production and post-production are following the tax breaks offered around the world. 

In 2007, the Italian government introduced a financial law (244/2007) which included a 25% tax credit on production costs 

incurred in Italy. The effort of the Italian Government has been initiated to encourage inward investments and production 

film shooting in Italy. As a result, huge mainstream films have been shot in various Italian locations (especially Rome due 

to its scenic backdrops) through 2009 and 2015, bringing the Studios back to Italy after a long period of absence. 

According to Price-Waterhouse-Cooper hotel report, although Rome is one of the leading cities in terms of occupancy 

rates, Rome has lower RevPAR when compared to cities such as Geneva, London and Zurich. Rome is currently ranked 5th 

place (with average earnings of €101 per night behind its competitors). We truly believe that this delta in RevPAR is due 

to the lack of ultra-luxurious accommodations and services that could justify higher per night earnings. As represented 

below, the supply of luxury suites accounts for only 8% (circa) of the total stock available: 

Rome: Hotel Supply 

Grade Establishments Rooms % of Total 

5-star 27 3,753 7.9% 

4-star 238 24,830 52.4% 

3-star 338 13,208 27.9% 

other* 339 5,619 11.9% 

total 942 47,410 - 

{ as of march 2013 } 

*Other includes 1 and 2-star hotels 

Source: Ente Bilaterale Turismo del Lazio 

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overview 

It’s important to point out that P. intends to fill a niche not represented above nor currently available in Rome, namely 

a decidedly higher priced (above €8,000 average daily rate) all-inclusive and Private Accommodations Facility, that is not 

part of a hotel structure. Combined with tailored services, private spa and amenities, P shall differentiate itself by becoming 

the go-to location for exclusive clientele. The location will attract and retain guests who appreciate such refined-private 

accommodations and services. 

The Asset 

The Palazzetto (the Asset) is located inside the – Palazzo Albertoni Spinola – has been selected by the Developers for the 

establishment of P. The Asset, designed by the well-known Italian architect Giacomo della Porta (also known for being 

responsible for the completion of St. Peter’s Dome), is recognized as a Historical Residence (1933). The Asset expands over 

approximately 2,000 sq. m. (21,000+ sq. ft.) and is currently structured as 1,045 sq. m. (3428 sq. ft.) of residential surface 

area and 340 sq. m. (1115 sq. ft.) of Common and Office Space. The Asset also includes 420 sq. m. (1378 sq. ft.) of Garden, 

Roof Garden and Terraces. 

Specifically the Asset, as it is today, features: Three residences, including an enclosed courtyard garden and rooftop terrace 

with large attic room, more than 7 independent and private entrances; five office spaces (located on the Ground Floor); Four 

parking spaces (located in the property’s private courtyard area) and a glass elevator overlooking the courtyard. 

Overall the structure of the Asset truly reflects the characteristics of privacy and prestige that are unique in itself. 

Network 

P will focus on consolidating itself as the go-to accommodation for, A-list celebrities and a selected segment of the general-public 

who are willing to pay a premium for enjoying the qualities of prestige, privacy and privilege offered by the 

Facility. 

We truly believe that this unique marketing strategy will set P apart from both local and international competition. 

In order to reach the above objective P will be collaborating with Eduardo Verastegui, a growing international movie star 

whose personality and reputation is in synergy with the P. concept. Although, Luca Delli Santi will have an oversight role 

with the management of the Asset, as well as being an Equity Partner of the Limited Liability Partnership (both structures 

are subsequently described) his main task through the sales and booking office to be established in Los Angeles will be to 

identify and contact potential guests as well as represent the Asset to anyone interested. 

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III 

Business Concept

usiness concept 

Factors Of Importance 

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business concept 

Three exclusive suites 

signed by a star 

architect 

Private Butlers, Private 

chefs, Service Personnel 

and Private Limousine 

Drivers 

Focus on Privacy 

& Exclusivity 

Each suite benefits 

from complete privacy, 

comfort and top of 

the line services 

Private Theater 

Private Spa 

Private Gym 

Customized Services 

focus on 

privacy 

& exclusivity 

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The Ambassador 

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overview 

the utmost 

important factor 

Eduardo Verastegui 

the ambassador is the 

founder of this concept 

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business concept


Mission 

P’s mission is to provide ultra-luxurious private suites and top-level services to our selected guests in a comprehensive and 

cost competitive manner, providing the finest high-end accommodations in Rome. 

Ultra Luxury Suites 

The P will be the first private, members only, ultra Luxurious Accommodation Destination in Rome designed by a star 

architect around pure indulgence and service. Each suite will combine modern furnishings with 16th century architectural 

design to focus on member guest’s comfort and experience. These unique qualities are not available anywhere else in Rome. 

EXCELLENCE IN SERVICE 

Unlike local competitors, P will have services that are individually tailored to each guest. Each suite will have its private 

butler, maid/waiter and private driver, and upon request, a private chef and personal trainer. In addition, each suite will 

have its own spa and gym area, thus providing the guest with the highest degree of privacy. 

Privacy 

Privacy is the focal point of P (as reflected by the selection of P for the name). We truly believe, that privacy is one of the 

bestselling points, since it is a luxury that cannot be purchased when going to the larger hotels. The layout of the structure 

is designed so that each guest can reside in total privacy without the need to encounter other guests. Communal areas (such 

as the Private Cinema) will be used only upon reservation, while transfer from the vehicle to the suites will be carried out 

within the structure, thus non-visible from the public. 

Security 

Closely tied to the concept of Privacy is the 24 hr. security provided. Security will greet guests upon arrival at the inside 

welcome area to the Palazzetto (i.e. not outside and open to the general public) and will be responsible for the vigilant monitoring 

of the facility and guests. Upon request, guests may request a personal bodyguard to accompany them as needed. 

Additional Features 

Additional features will be made available, such as the Private Cinema in a one of a kind structure, private spas and gym 

in each Suite. 

Hospitality Management 

The Suites will be managed by experts in the field of hospitality who have international backgrounds and are capable of 

dealing with the demands of elite clientele. In order to guarantee the highest level of professionalism, day-to-day activities 

will be coordinated by a Director who’s CV is rich with extensive experience in some of the most exclusive hotel facilities 

throughout the world. The nominated Director will be responsible with the selection of the personnel and auxiliary service 

providers for which he will be ultimately responsible for. 

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Oversight on behalf of the ownership will be entrusted to General Manager Luca Delli Santi, who has extensive experience 

in asset management and facility management, having worked for international private equity groups for several years. 

Mr. Delli Santi will be responsible with overseeing that the facility is being managed in accordance with the vision of the 

General Partnership and Limited Partnership as well as coordinating and presenting monthly Profit and Loss reports. 

Mr. Luca delli Santi with his friend 

actor Armie Hammer 

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IV 

Business Model

usiness model 

The Target 

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usiness model 

PROJECT 

FUNDAMENTALS: 

Location: Rome 

Venue: The P 

Refurbishment: Famous 

Architect & designer 

P’s Exclusive Marketing 

& Booking Strategy 

P’s Ambassador Image 

VIP GUESTS 

ARE LOOKING FOR: 

- Exclusivity 

- Privacy 

- Convenience 

- Service 

THE ONLY OTHER 

COMPARABLE SUITE 

(is not private): 

The roman penthouse of 

hotel Regina Baglioni 

12.000 eur/night 

(all services excluded) 

THE VENUE 

FUNDAMENTALS: 

Exclusivity of the 

accommodation 

Location 

Size of Suites 

Filling of Niche Market 

World Class Management 

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usiness model 

Target market 

Identifying the key requirements of the target guests is essential. Specifically guests involved in the film industry who seek 

luxurious accommodations while travelling. The characteristics of Privacy, Luxury and Exclusivity are key. After researching 

the Luxury Suites segment of the Hotel Industry, the goal for P is to create a one- of-a kind ultra-luxurious accommodations, 

designed by internationally renowned architects and designers, and internationally qualified management. 

In order to realize this objective, we believe the following key elements are important: 

- a one of a kind environment such as Rome; 

- a historical building such as Palazzetto inside Palazzo Albertoni Spinola which provides prestige to the end structure; 

- internationally trained and highly qualified management; 

- constant flow of tourist across the main Italian cities; and most importantly; 

- the Visionary’s well-established Network of celebrities and A-list individuals. 

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business model

V 

Marketing Plan

marketing plan 

Benchmark 

Many of the world’s most prestigious 

and luxurious suites are not in 

hotels (with our service) 

Based on these facts and numbers 

an approximate price of $ 18.000 usd 

per night can be asked for 

the largest suite 

There are no options in rome 

For such design of accommodation: 

Perfect place and time to create one! 

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Competition Features 

Differentiation in services 

according to specific guests’ needs 

The cost of leadership is 

much lower than for a hotel 

The focus is on 

the guests’ wishes and needs 

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Competitive Strategies 

Customized services for the guests 

Beating the benchmark 

standard of the only available 

suite at this level in Rome (the 

Baglioni’s Regina Hotel) for 

Privacy, Service & Prestige 

Price / Quality: Beating 

The Benchmark 

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Customer Satisfaction 

Booking Company at 

a major location in LA 

Membership: A Club 

membership structure 

allowing only members 

to participate 

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Price Benchmark 

The table below is a comparison of the top global luxury suites (sourced through www.elitetraveler.com). 

Note: Other Suites which are located in remote vacation or beach areas are not included. 

TABLE A 

Hotel Structure Suite Name Country City Sq ft Sqm Price Usd Usd/Sq ft Price Euro Euro/sqm 

1 W Verbier Extreme WOW Suite Switzerland Verbier 1981 184 $ 11,400 $ 5.75 € 10,354 € 56 

2 Jumeirah Chairman Suite China Shangai 3337 310 $ 1,495 $ 0.45 € 1,358 € 4 

3 Kampinsky Hotel Presidential Suite China Taiyuan 2336 217 $ 14,814 $ 6.34 € 13,455 € 62 

4 Condrad Presidential Suite China Beijing 380 35 $ 9.200 $ 24.21 € 8,356 € 237 

5 Waldorf Astoria Presidential Suite China Beijing 2497 232 $ 10,690 $ 4.28 € 9,709 € 42 

6 The Ritz Carlton Presidential Suite China Chengdu 3477 323 $ 11,050 $ 3.18 € 10,036 € 31 

7 Intercontinental Deluxe Harbourview Suite China Hong Kong 1100 102 $ 2,448 $ 2.23 € 2,223 € 22 

8 W Guangzhou Extreme WOW Suite China Guangzhou 9558 888 $ 14.275 $ 1.49 € 12,966 € 15 

9 Fairmont Nanjing Presidential Suite China Nanjing 2810 261 $ 14,570 $ 5.19 € 13,234 € 51 

10 The Peninsula Shanghai The Peninsula Suite China Shangai 4305 400 $ 18,473 $ 4.29 € 16,779 € 42 

11 The Ritz Carlton The Ritz Carlton Suite China Tianjin 4411 410 $ 16,000 $ 3.63 € 14,532 € 35 

12 Le Bristol Royal Suite France Paris 3229 300 $ 25,000 $ 7.74 € 22,707 € 76 

13 Intercontinental Champagne Suite Holland Amsterdam 1100 102 $ 4,300 $ 3.91 € 3,906 € 38 

14 Waldorf Astoria Brentano Suite Holland Amsterdam 1324 123 $ 5,000 $ 3.78 € 4,541 € 37 

15 The Ritz Carlton The Ritz Carlton Suite India Bangalore 3157 293 $ 3,737 $ 1.18 € 3,394 € 12 

16 Regina Hotel Baglioni Roman Penthouse Italy Rome 2906 270 $ 18,015 $ 6.20 € 16,363 € 61 

17 Luna Hotel Baglioni San Giorgio Terrace Suite Italy Venice 1615 150 $ 6,130 $ 3.80 € 5,568 € 37 

18 Portrait Firenze Ponte Vecchio Suite Italy Florence 1292 120 $ 3,341 $ 2.59 € 3,035 € 25 

19 Intercontinental Osaka 3 Bedroom Residence Japan Osaka 1776 165 $ 5,875 $ 3.31 € 5,336 € 32 

20 Andaz Tokyo Toranomon Hills Andaz Sky Suite Japan Tokyo 2260 210 $ 10,000 $ 4.42 € 9,083 € 43 

21 Hotel Hermitage Diamond Suite Monte Carlo Monte Carlo 1722 160 $ 10,657 $ 6.19 € 9,679 € 61 

22 Hotel d’Angleterre Royal Suite Switzerland Geneva 1550 144 $ 8,900 $ 5.74 € 8,084 € 56 

23 Intercontinental Geneva The Residence Switzerland Geneva 7000 650 $ 56,000 $ 8.00 € 50,863 € 78 

24 Rosewood Royal Suite UAE Abu Dhabi 3864 359 $ 7,399 $ 1.91 € 6,720 € 19 

25 Anatara Dubai The Palm Anantara UAE Dubai 2217 206 $ 2,450 $ 1.11 € 2,225 € 11 

26 Conrad Dubai The Royal Suite UAE Dubai 3422 318 $ 3,000 $ 0.88 € 2,725 € 9 

27 Jumeirah Emirates Towers Royal Suite UAE Dubai 3391 315 $ 3,600 $ 1.06 € 3,270 € 10 

28 The Oberoi The Presidential Suite UAE Dubai 2700 251 $ 3,268 $ 1.21 € 2,968 € 12 

29 Waldorf Astoria Presidential Suite UAE Jumeirah 4197 390 $ 13,600 $ 3.24 € 12,353 € 32 

30 51 Buckingham Gate Suites and Residences Jaguar Suite UK London 1832 170 $ 9,360 $ 5.11 € 8,501 € 50 

31 Rosewood London Manor House Suite UK London 1991 185 $ 15,085 $ 7.58 € 13,701 € 74 

32 W London Extreme WOW Suite UK London 1615 150 $ 4,725 $ 2.93 € 4,292 € 29 

33 The London Edition Penthouse Suite UK London 2077 193 $ 9,600 $ 4.62 € 8,719 € 45 

34 The Berkeley Opus Suite UK London 3250 302 $ 16,804 $ 5.17 € 15,263 € 51 

35 The New York Palace Jewel Suite USA New York 5000 465 $ 25,000 $ 5.00 € 22,707 € 49 

36 Intercontinental Royal Suite USA LA 3300 307 $ 8,000 $ 2.42 € 7,266 € 24 

37 Casa Madrona Alexandrite Suite USA San Francisco 3500 325 $ 1,000 $ 0.29 € 908 € 3 

38 The Langham Two Bedroom Infinity Suite USA Chicago 2700 251 $ 6,000 $ 2.22 € 5,450 € 22 

39 The Cromwell The Cromwell USA Las Vegas 2550 237 $ 2,600 $ 1.02 € 2,362 € 10 

40 Mandarin Oriental Suite 5000 USA New York 3300 307 $ 28,000 $ 8.48 € 25,432 € 83 

41 The Joule The Penthouse Loft Room 1052 USA Dallas Texas 2500 232 $ 10,000 $ 4.00 € 9,083 € 39 

42 The Rittenhouse P5 USA Philadelphia 1300 121 $ 2,200 $ 1.69 € 1,998 € 17 

43 The Keating Hotel The Macallan USA San Diego 850 79 $ 1,500 $ 1.76 € 1,362 € 17 

44 The Beverly Hills Hotel Suite 100 USA LA 1445 134 $ 3,795 $ 2.63 € 3,447 € 26 

Please note that the average €/sq. m. price for the above Suites is €39. 

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It’s worthwhile to point out that P is creating a new segment to the hotel market, that of Private Suites, that are not part 

of a large hotel structure or chain of hotels. The concept is to create a luxurious destination vacation stay venue capable of 

providing the three core fundamentals for what P. stands for Privacy, Privilege and Prestige. 

A review of competitors’ marketing strategies reveals that no one is targeting this market segment. This is especially true 

when analyzing the local competition where there are just a couple of suites capable of competing against the top suites of 

the world. As of today the only two Roman suites that compete on a global level are: 

1. Regina Hotel Baglioni – Roman Penthouse 

Located in the Via Vittorio Veneto District of Rome, the Suite is comparable in terms of price range and luxury. Recently 

refurbished expanding over approximately 2,900 sq. ft. (270 sq. m.). The mid-season price is approximately Euro 10,000 

per night. Unlike the P. Suites, services are not included in the price. However, P distinguishes itself from this suite as the 

Baglioni’s guests do not have a sense of privacy when it comes to the shared facilities and entrance, thus being subject to 

the eyes of the general public on a day-to-day basis. 

2. Villa La Cupola 

Located on the fifth and sixth floor of the Westin Excelsior Hotel on Via Vittorio Veneto District of Rome, the Suite is 

comparable in terms of size. The Suite is enriched with frescoes and classical furniture as-well-as a Private Cinema, Fitness 

Room, Jacuzzi, Sauna and 360° view terraces. Although, this suite offers more in terms of facilities when compared to the 

second best (Baglioni Hotel) it comes with a higher asking price of € 20,000 (USD 21,771) per night. Also, unlike P guests 

would not have the advantage of privacy since they would be exposed to the general public when entering and leaving the 

Hotel Structure. 

To conclude, it is our assessment that P positions itself in a segment of the market currently non-existing in Rome and as 

such would not be subject to the degree of competition that 5star hotel suites have with each other. In turn, this lack of competition 

will translate in a greater percentage of occupancy and, in turn, greater operating income generated by P’s business. 

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P. Suites 

In light of the above, the Suites and attached Average Daily Rate (ADR) offered by P will be the following: 

- Garden Suite 

ADR: €18,000 

- Ambassador Suite: 

ADR: € 18,000 

- Executive Suite: 

ADR: €7,500 

Please note that the above ADRs have been computed by multiplying the average €/sq. m. of the 46 suites listed in TABLE 

A (above) against the sq. m. of each suite. 

Competitive Advantages 

Lower Management Cost compared to a Hotel 

Due to it’s unique structure, the management cost is dramatically reduced while the personnel/guest ratio is significantly 

higher. This will automatically convert in greater customer satisfaction and higher operating income due to lower operating 

costs (please see Financial Plan for further information). 

Tailored Services 

Due to the high personnel/guest ratio each guest will benefit from tailored services to fit their needs or requirements. Since 

no two guests are the same as the next, we recognize the importance of identifying, before the guest arrives, what their 

needs and likes are. By doing so, the Management will consistently “beat” its competition which is incapable, due to the 

large number of clients it must serve, of being able to provide this tailored attention. 

Due to the great degree of exclusivity, the business behind selling the P suites (as listed above) is largely driven by referrals 

and repeat business. 

Booking Company at a prestigious LA location 

P’s marketing strategy for customer acquisition will be largely based on the establishment of a representative office in a 

prestigious location within the greater city of Los Angeles, due to its it’s close proximity to the film industry. 

This office will be responsible for the word-of-mouth referrals and bookings among Target Guests with a specific effort at 

creating an awareness among a specific sphere of society to build referrals. This will be done also through specific sponsored 

social gatherings, events and cocktail parties organized by the Ambassador where potential guests may socialize with 

other Potential guests may socialize with other Potential Target Guests and in turn build the aforementioned word-ofmouth 

referrals. 

P will also consider developing a specific webpage and social network status. 

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Club & Membership 

P intends to become a private structure designed exclusively for a specific segment of the general public (“Target Guests”). These are 

individuals that are either involved in the international film industry, top athletes or any other individuals that satisfy the requirements 

associated to their reputation and standing. 

As such, a membership program has been designed for the use of the P. In In order to reserve a suite of P each person must be a member 

of the P Club. Each new member application will be reviewed by the board members of the P. All requested reservations will be 

reviewed to ensure the peace, tranquility and compatibility with another member guest wanting the same time period. The intent is to 

create an atmosphere of privilege and exclusivity which is widely sought after by the type of Members P intends to attract. Please note 

that although Limited Partners will have access to P on a residual basis (that is, those days made available that our outside the high-mid 

season) and they will belong to the P Club. 

a service like this 

has never been seen before 

P stands for 

privilege privacy prestige 

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VI 

Economics

Value Of 

The Company

value of the company 

Valuation criteria 

The study, “The assessment of hotel companies”, that we have selected to form the Valuation criteria was made by Professor Roberto Moro 

Visconti, chartered accountant, statutory auditor and professor of corporate finance at the Catholic University of Milan. 

The assessment of hotel companies 

Hotel companies have particular features and peculiarities, which are of great importance in the case of their assessment: compared to typically 

relevant real estate assets, hotels have different characteristics (stars, number of rooms, location, seasonality, etc.) that affect their profitability 

and market estimation when adapting the traditional methods of assessment. 

Hotel companies: characteristics and peculiarities 

A hotel (etymologically, hostel), is a company that provides accommodation against payment, usually used on a short-term 

basis by tourists or for work. In their different types, hotels are different from motels (normally positioned along arterial 

roads, outside of urban centers, with services including parking for cars which is not always available in all hotels); from 

residences (where people typically stay for longer time); and from bed and breakfast or youth hostels, usually dedicated 

to the young. 

In addition to the “hotel” function of hosting guests overnight, often they offer - to varying degrees - complementary services, 

such as catering activities (bars and restaurants), sports and recreational activities (swimming pools, gyms, meeting 

rooms for conventions and meetings, etc.). Some hotels render tailored hospitality services. 

The type of clientele (artistic, natural, religious tourism, etc.; corporate clients for trade shows, conventions, etc.) and 

seasonality impact the coverage of fixed costs and the opening times; and thus, indirectly, also impact the assessment. The 

quality of the hotels - classified by means of stars (ranging from one to five or even more, depending on their growing 

degree of luxury) - contributes as a distinctive feature to determining their value. 

In Italy - according to statistics of Federalberghi (http://www.federalberghi.it/) - there are the following structures: 

Stars Hotels Rooms Beds 

5 393 29.645 64.106 

4 5.354 349.701 736.311 

3-rta 18.034 560.158 1.159.737 

2 6.609 110.327 209.944 

1 3.438 43.455 80.606 

Total 33.728 1.093.286 2.250.704 

The evolution of the hotel industry places an increasing emphasis not only on connecting the hotel with transportation 

(airports, stations, highways, public transportation, etc.), but also on intangible services related to internet (Wi-Fi - often 

free of charge - is now considered a must) and marketing channels as well as booking increasingly focused on the web (with 

several specialized sites, such as booking.com; Expedia, etc.), through reviews of users (Trip Advisor, etc.). 

The property estimation of the hotel complex (the “walls” and receptive structures, often with an adjoining park, etc.), the 

value of the hotel license, in addition to the performance parameters (employment rate; margin generation and cash flows, 

etc.) stand out among the main value components. 

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The services and hotel infrastructure are traditionally represented by a lobby with an entrance hall, which - on a visual 

level - is the “business card” of the hotel (visits are often preceded by online virtual “site inspections”); a reception or a 

front office for checking-in (which in more evolved hotels can be done completely online, similarly to online check-in for 

a flight); the internal common areas (bar, restaurant, lounge, etc.) as well as the external ones; technical and service areas, 

(not accessible to customers); the room-plan, rooms with beds and bath cells. All these parameters affect the evaluation. 

The generated revenue per available room is a traditional indicator of the sector, which allows us to carry out comparisons 

between different hotels, establishing the economic value of a single room, also taking into consideration the occupancy 

rate and the associated number of sold rooms (room nights). Revenue per available room is calculated as the percentage of 

occupancy, multiplied by the average room price. 

The volumes/margins ratio also takes into account the agreements with companies, which guarantee certain employment 

rates by means of a pre-agreed discount scheme. Conventions also constitute an essential element of the hotel’s performance. 

The evaluation - which considers performance together with perspective techniques of budgeting, - also takes into account 

whether the hotel belongs to a hotel chain (often to an international one), which - among others - has an impact on the 

level of brand awareness and reputation, as well as on customer loyalty. The evaluation of the hotel brand and any customer 

satisfaction related information (e.g. through sites like Trip Advisor) are also taken into consideration in this context. 

About the need to carry out a corporate assessment 

The valuation of a hotel company may be appropriate or necessary, for example, in the following cases: 

• the sale of the company or a branch of it (e.g. only the management, maintaining the “walls”); 

• the sale of investments; 

• exit / entry of a partner; 

• extraordinary transactions (mergers, divisions, transfers, transformations); 

• impairment test of the performance (for the hotels companies applying the IAS / IFRS); 

• appropriateness of the rentals of business units and of the redemption price, 

• as part of bankruptcy proceedings; 

• hereditary divisions / donations; 

• bankruptcy proceedings / arbitration proceedings; 

• performance evaluation. 

Evaluation methods of companies: 

systematic classification 

Here below we succinctly illustrate the different methodologies for assessing companies, partly in order to identify the 

peculiarities related to hotel companies , related to each method. As to the research on the market value of a company, over 

time both the most reliable theories and the practices have developed their generally accepted set of criteria and evaluation 

methods applied (subject to the particular character of each estimate). The most known and most widely adopted methods 

for evaluating companies can basically be divided into five different macro-groups: 

• financial methods; 

• income-based methods; 

• equity-based methods; 

• mixed methods of equity-income; 

• sintetic methods (e.g. comparable transactions). 

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The financial method 

The financial method is based on the principle that the market value of a company is equal to the discounted cash flow generation 

value of the property. The determination of the extent of such cash flow is of primary importance when applying 

this method, as well as the consistency of the adopted discount rates. 

Theoreticians (especially in the Anglo-Saxon world) surmise that the financial method is the ‘ideal’ solution for estimating 

the economic value for limited periods; although in fact it is also possible to make reliable estimates of cash flows for longer 

periods. One can then proceed to the estimation of expected cash flows through a projection of the normalized flows (F.C.), 

using alternatively: 

• unlimited capitalization: 

• limited capitalization: 

where W1 and W2 represent the present value of future cash flows. 

Once the current value of cash flows is determined, the calculation of the economic value (W) of the company to be valued 

equals to the following: 

a) with the unlevered cash flow method: 

b) with the levered cash flow method: 

where: 

CF0 / WACC = the current value of operative cash flows 

CFn / Ke = the current value of net cash flows 

VR = the current value of the residual value (terminal value) 

D = net financial position (cash + financial receivables, minus borrowings) 

The difference between the two methods is derived from the different interpretation of cash flows associated with the debt 

and with capital repayments. The residual value - if it is subject to appreciation - is the result of discounting the value 

attributed to the capital of the functioning company at the ‘n’ time (prior to this, cash flows were estimated analytically). 

It is often a significant component of the total value - ‘W’ - and tends to zero if the time horizon of the capitalization is 

infinite (VR / ∞ = 0). 

The income-based method 

The income-based method uses the principle that the value of a company is not derived so much from the value attributed 

to the net balance sheets, but rather from the future average incomes that the company is expected to generate. In the case 

of time-limited income (R), incomes are capitalized for a defined period (n) of years (from 3-5 up to 10) according to a 

capitalization rate (an opportunities rate which is equivalent to the yield offered by alternative investments, running the 

same risk level), while the market value (W) can be determined as follows: 

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In recent years the recourse to the hypothesis of unlimited duration of income generation has gradually become more 

widespread (with n ∞), because beyond a certain number of years, the value difference between definite and indefinite rent 

becomes negligible. The formula for the evaluation of companies for an unlimited period of income over time is as follows: 

W = R / i 

Replacing the expected income with a net cash flow, W can be determined using the financial methods. 

As per the case of hotel companies, profitability may refer to either the specific management (income from overnight stays, 

from catering, from the use of the meeting rooms, catering...) or the quota generated within a given period of time, from 

the appreciation of the value of the real estate component. 

The equity-based method 

According to the equity-based method, the value of a company is determined by assigning a value of individual assets and 

liabilities registered in the balance sheet, at the historical cost. The sum of the values that have been analytically attributed 

to assets and liabilities show an asset value called “adjusted net assets”. 

In addition to the “simple” method there are also “complex” equity methods, consisting of the value of intangible assets, 

including those that have not been accounted for, registered with or - in some cases - without market value. The theoretically 

proposed formula is as follows: 

W = K + (K’ - t) 

where: 

W = market value of the company; 

K = shareholders’ equity (equity book value); 

K’ = adjustments made to shareholders’ equity; 

K + (K’ - t) = Adjusted net assets; 

t = (possible) tax effects of the adjustments. 

As per the evaluation of the hotel companies, this method appears to be of little use, because it does not adequately valorize 

profitability. 

mixed methods of equity-income 

These methods - mediating between the asset and income methods - are defined mixed. The application of these methods is particularly 

suitable for the assessment of hotel companies, because of the significant equity component that is typical of such cases 

– obviously not neglecting the income component, either. 

The most basic mixed method is the so-called method of average value, which takes into account the average of the asset value (K) 

and the income value with unlimited capitalization (R/i): 

W = 1⁄2 (R/i + K) 

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The synthetic methods of the market 

Alongside the above methods (also called “analytical”), the doctrine and practice identify estimation methods called “synthetic”, 

based on market indicators and multiples, which are used for determining the value based on the observation of 

certain parameters (e.g. Price / Earnings) identified within companies, and primarily used on regulated markets, providing 

the basis for their entire sector. 

Sometimes these are used in the evaluations of inter-relations, in negotiations (comparables) in case of companies operating 

in the same sector, bearing similar characteristics (relative to cash flow, sales, costs, etc.). 

Among the empirical methods the EBITDA multiplier is also a widely applied method, in which the net debt must be added 

algebraically, in order to switch from the estimated enterprise value (total value of the company) to the equity value (net 

asset value, which expresses the adequacy of the compensation for the sale to members of the company that are selling the 

business unit). 

With specific reference to hotel companies, when choosing the multiplier or comparable transactions, among others the 

following items need be taken into account: 

• the type of clientele; 

• the value of the structures; 

• the services offered; 

• the location; 

• the state of maintenance; 

• the unit price per room / bed; 

• the employees; 

• the quality of the kitchen; 

• average period of accommodation. 

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value of the company


The method we deem appropriate to adopt is the mixed approache because it is the most widespread model: 

“mixed method of equity-income” 

Application of the method 

Market Value of the Asset 

As of March 2015 the Asset has been valued by an independent appraiser at: Euro 30,000,000.00 (euro thirty million). 

It is noteworthy to point out that the Asset has a benefit from Historical Tax Relief such as extremely low Annual Property 

Taxes (approximately $15,000 per annum). 

Refurbishment project 

(See Refurbishment project chapter, page 103) 

Summary of the cash investment: 

• Architect and Designer Project: 

• All Refurbishment costs, Including Improvement, Build-Out and Furniture: 

• Development Start Up Expensive 

• Five months Working Capital 

• Total 

$1.5 MM 

$2 MM 

$1 MM 

$1.5 MM 

$6 MM 

Value of the Business 

Based on the method adopted which foresee the average of the Asset Value (K) and the income value with unlimited capitalization 

(R/i): 

W=1/2 (R/i+K) 

An additional reason why this method has been used is based on the fact that the Asset (Palazzo Albertoni Spinola) is 

not changed in a way to be transformed into accommodation/touristic/hotel activities; instead it remains from a cadastral 

standpoint a private residence with a simple authorization provided, in accordance with the following regional regulations: 

• Regional Regulation, October 24/2008 n. 16 

• BUR November 7, 2008, n. 41, S/130 

• Regulation for non-hotel Accommodation Facilities: 

• The urban requirements of residential type remain completely unaltered, and so are the destination and the use of individual 

residential apartments, as well as the independence of the individual real estate units. 

• Thus even if we adopted it here in a conservative manner, the following assessment shows an unmotivated halving in value 

of the transferred asset. 

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In light of the above, below is the formula adopted for the evaluation of the P. 

EURO 8,000,000(R)/0,080= EURO 100,000,000+EURO35,000,000= EURO 135,000,000/2= EURO 67,500,000 

Please note that we have estimated the capitalization rate at: 8%. 

It is also noteworthy to point out that the alternative methods to the Mixed Approach are the following: 

• Financial Methods; 

• Equity-based Methods; 

• Income-Based Methods, 

• Empirical Methods (eg. Comparable Transactions). 

It is also noteworthy to point out that we have adopted the most conservative approach when evaluating the business since, 

if other approaches were used, a higher market value would have resulted. In turn, this should provide a greater incentive 

for new investors since it automatically converts in a higher equity percentage. 

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Financial Plan 

Projected Profit and Loss 

Operating Assumptions Year 1 

[1] Revenues Assumptions 

Number of Suite s 3 

Revenue from Suites sold seperately - $/Day* 43,500 

Garden Suite 18,000 

Ambassador Suite 18,000 

Small Suite 7,500 

Revenue from Suites sold together - $/DayD 40,000 

Occupancy Rate (280 days x year ) 77% 

Occupancy made available for LPs 23% 

Scenario 1 - Days all Suites sold together 100 

Scenario 2 - Days Suites sold seperately 100 

Scenario 3 - Days Small Suite + Ambassador Suite sold together 80 

[2] Other Revenues 0 

Operating Expense Assumptions 

Number of Staff ** 29 

Fixed Costs 2,250,000 

Other Expenses*** 1,250,000 

Profit and Loss Proform a 

REVENUES 

[1] Revenues from Suites 

Revenue from Scenario 1 (100 out of 280 days @ €40,000 x day) 4,000,000 



Total Revenue from Suite 11,550,000 

[2] Other Revenue Percent 0 

Other Revenues 0 

TOTAL REVENUES 11,550,000 

EXPENSES 

1 Fixed Costs 2,250,000 

2 Other Costs 1,250,000 

TOTAL EXPENSES 3,500,000 

EBITA 8,050,000 

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Services Included in the Price 

Services not included in the Price 

Staff Required 

Extra Personnel on Request 

Other Expenses 

Gym with Personal Trainer 

SPA with Sauna 

Personal Butler 

Security 

Maid 

Driver and Car 

Bell Boy 

Concierge 

Welcome package (drinks and other) 

Food and Beverages 

Chef 

Personal Tour Guide 

Driver and Car outside Rome 

Laundry 

Extra Spa Services 

Additional Personal Trainer 

1 Director 

3 Secretaries (Italian Based) 

2 Personal Trainers 

4 Service Wellness 

3 Butlers 

6 Security Services 

5 Maids 

3 Drivers 

1 Bell Boy 

1 Accountant 

3 Chefs 

4 Wellness and Beauty Services 

3 Tour Guides 

Utilities 

Condominium 

Property Taxes: €15,000 

Insurance 

Fuel 

Uniforms 

Body Care Products 

Welcome Packages 

Cutlery and Tableware 

Kitchenware 

Linen 

Stationary 

Administrative Costs 

Legal Services 

Accountant Services 

IT Services (Booking, website) 

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TABLE OF CONTENTS 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

– INTRODUCTION 

– OBSERVATIONS ON THE BUILDING IN GENERAL AND ON THE 

RESTORATION WORKS 

– OVERVIEW OF THE REAL ESTATE PROPERTIES SUBJECT OF EVALUATION 

– MARGINAL NOTES ON THE CRITERIA OF DESCRIPTION AND 

MEASUREMENT 

– DESCRIPTION OF EACH REAL ESTATE PROPERTY 

– DESCRIPTION OF THE INTERVENTION OF REDEVELOPMENT 

– ADDITIONAL REMARKS ON THE LOCATION OF THE REAL ESTATE 

PROPERTY 

– SUMMARY OF SURFACES 

– SEARCHING FOR THE EVALUATION CRITERIA 

– SEARCHING FOR THE EVALUATION PARAMETERS FOR DIRECT 

PROCEDURE 

– VERIFICATION OF THE NOMISMA OBSERVATORY ON ‘’EXCLUSIVE 

RESIDENCES IN ROME’’ 

– SEARCHING FOR THE MARKET VALUE:FEATURES IN COMMON 

– SEARCHING FOR THE MARKET VALUE:EXTRAORDINARY FEATURES OF 

THE PROPERTY 

– THE AVERAGE OF VALUES 

– LIST OF ANNEXES 

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1 – Introduction 

First of all It is necessary to clarify that considering the historical significance, the absolute uniqueness and 

the value of the property, any economic assessment object is considered very difficult.to reach also due to 

the absence of benchmarks with the features of these kind of building projected and built by two of the 

most important architects of the italian Reinassance: Giacomo Della Porta (https:// 

en.wikipedia.org/wiki/Giacomo_della_Porta) and Girolamo Rainaldi (https://en.wikipedia.org/wiki/ 

Girolamo_Rainaldi ) 

The task entrusted to us is to complete the rough estimation of the property, considering an overall 

intervention of functional redevelopment with the ‘turn-key’ formula. 

This preliminary technical assessment is the culmination of a series of investigations, analyses and processing 

the collected data. These enabled us to conclude findings and results of value hereby referred to, 

at the issue date of this document. 

The preliminary technical assessment was conducted on the basis of the available documentation and 

information received from the client, which we considered to be true. 

In some cases, it was necessary to find some information or documents otherwise not being available. In 

particular, the land registry records and the hypocadestral records of the complex were traced through a 

computer search, and preliminary investigations were carried out in order to identify the types of intervention 

that are compatible with the governing town-planning regulations. 

Therefore, in this document we have also indicated - in relation to the main topics discussed - the source 

documents that have led to the conclusions presented here. 

The state of affairs of the property is represented by the processed planimetric data that were available to 

us from information we received and from what was established during the site visit. 

The owners’ intention is to carry out a redevelopment, aimed at establishing three interdependent, yet at 

the same time autonomous, luxury suites, each equipped with fitness, wellness, and relaxation areas. The 

three residences will be equipped with shared security services, an office and a movie-theatre for private 

screenings. 

The decision to carry out this redevelopment – a rather simple one, for that matter, given the current 

structure of the property – was made with the aim of alienating the property, taking exclusively the foreign 

demand into consideration, from the ultra-high-net-worth (uhnw) segment. 

As shown by the most renowned research of the sector conducted by credit suisse (https://www.Worldwealthreport.Com), 

over the last five years there has been a steady increase in this segment, putting the 

increase between 2000 and 2014 at no less than +300 percent. 

Obviously, one may not get the meaning of the above statements without considering the unique features 

of the property, its prestigious location in the very center of the capital of italy, and especially rome itself 

– being the foremost city in the world as to the presence of monumental and historical-artistic treasures, 

and global center of Christianity due to the presence of the Vatican City and the Apostolic See of the Pope. 

In addition, there is the ‘network’ represented by the main characters of international show-business as well 

as of public or private institutions, regularly visiting this city to enjoy its features as described above. Their 

presence offers a live and global advertisement of such features, and it keeps spreading - within the UHNW 

segments - a potential desire to possess a jewel of this kind. 

In this regard, it is also necessary to remark on some important investments that in 2014-2015-2016 

(ANN.14 press review) took place in Rome by Mid-Eastern and USA-based hotel chains, as well as on the 

North American commitment towards the most important soccer club in Rome (A.S. Roma). 

Lastly, the ever growing appeal for products ‘made in Italy’ and the Italian way of life in the ‘luxury brand’ 

and ‘luxury food’ segments also played a role in strengthening this determination of the owners. In fact, this 

appeal confirms that those who can afford to appreciate the use and consumption of Italian products and 

services incurring high-end costs, want to experience these sensations themselves. 

A proof of the above said, as well as a further confirmation of the ‘appeal’ experienced by buyers is the 

comparison between the amounts of property taxes collected by the Italian tax authorities and those collected 

by Anglo-Saxon countries, and in particular in the United States of America, where tax revenues on 

properties of such value are at least 10 - or even 20 - times higher. 

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appraisal 

PALAZZO ALBERTONI SPINOLA - PIAZZA CAMPITELLI, 2 - ROME 

HISTORICAL NOTES ON THE EVENTS SURROUNDING THE CONSTRUCTION OF THE PALACE 

AND ITS RESTORATION 

A detail of the cross vault of the first mezzanine: the lion passant over the niche, the Albertoni coat-of-arms. 

Prepared by: 

Architect Vincenzo Berardi 

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Historical-critical report 

The Albertoni Spinola Palace, with an entrance in Campitelli square n. 2, is located in the 10th District 

(Rione Campitelli). 

The facade of the palace towards Piazza Campitelli was built between 1603 and the years immediately 

following (Fig. 1), with some interventions in late 1616. 

Fig. 1 – Front of the Paluzzi Albertoni Palace from an engraving by Giovan Battista Falda (ca. 1675) 

(Spinola 1995, tav. I) 

The work was commissioned by Marquis Baldassarre Paluzzi Albertone initially to Giacomo della Porta (ca. 

1540-1602), then continued and completed by Girolamo Rainaldi (1570-1655), in an area likely to be rebuilt 

between the buildings De Rossi (later Cavalletti) and Capizucchi. 

The work of Della Porta involved the project and the construction of the bearing structures and the internal 

partitions of the big building, in the years between 1560 and 1580 (Fig . 2). 

Particularly: 

A) He integrated the new construction into the ancient preexisting Palazzetto, allowing this unit to extend 

and merge into the new construction without being able to recognize that you are in one side or in the other 

part of the Palazzo; 

B) He created and maintained a direct view of the entry of Santa Maria (which is the Campitelli Church located 

in front of the Palazzo Albertoni Spinola) from the original door of the Palazzetto, despite having built 

the great Palazzo in front of what preexisted building; In fact, the entrance gallery of the building forms a 

diagonal connection between the square and the inner courtyard. 

C) He has made possible the use of the old roof secret garden of the Palazzetto with the first floor of the 

Palazzo, making this unit a unique property of its kind. 

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Fig. 2 Piazza Campitelli in an engraving by Giovan Battista Falda (1665) (Spinola 1995, tav. II) 

In fact, in 1603 Knight Baldassarre Paluzzi Albertoni requested a permit to build the new facade, widening 

the area of the existing property towards the square and aligning the new wall with the corner of the adjacent 

Capizucchi palace. In 1616 he required an additional permit to construct, over the back door of his 

palace and over the alley, an archway to allow passage to his “nearest neighbors” who were carrying out 

further restructuring at that time (this is the archway built in the back, in the outside of the building, at the 

height of the first floor). 

So it is possible that the two buildings belonged to the same owner from the beginning, and then passed 

from one family to another. Moreover, it is plausible that the facade was created at another time – on an 

already existing renovated building – as witnessed by cartographers of the era: Cartaro, Du Peràc, and 

Tempesta, whose maps indicate already existing houses in that area. 

In addition, what also possibly indicates these two phases is the different alignment of the interior: it is orthogonal 

to the courtyard and to the sides of the adjacent palaces, but it is off-axis with respect to the front 

of the square. In fact, the entrance gallery of the building forms a diagonal connection between the square 

and the inner courtyard. 

The presence of the Albertoni family is recorded in Campitelli square: the family’s coat-of-arms, the lion 

passant (Fig. 3) is to be found on the old fountain (1587-89) as well as in the palace, above the entrance, 

over the lintels and niches along the stairs and in the frieze below the cornice of the main facade where we 

see lions passant with roe deer. 

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Fig. 3 – The Albertoni coat-of-arms 

(Rendina 1993, p. 244) 

Some of the minor palaces of the Paluzzi Albertoni family in Margana square, as well as under n. 36 of Via 

de’ Delfini, were connected to the larger palace, both structurally and functionally. 

The heirs of the Paluzzi Albertoni family adopted on October 21, 1671 the surname and the arms of the 

Altieris together with the title of Princes by desire of Emilio Altieri (1590-1676) elevated to the Papacy in 

1670 under the name of Clement X. Thus all the riches of the Altieris passed on to the descendants of the 

Paluzzi Albertoni family renamed as Altieri. In fact, the Palace of Piazza Campitelli turned out to be a less 

prestigious residence than the palace built by the Altieri al Gesù family which, together with the villa at the 

Lateran, was to host the works of art of the family. 

The Palace in Piazza Campitelli, remaining at the hands of the renewed offspring of the Altieris for more 

than a century (Fig. 4), was elevated with a fourth floor on top of the attic, and was sold in 1808 approximately 

by Prince Paluzzo Altieri to a famous Spanish General, Manuel Godoy y Alvares de Faria Ríos 

Sánchez Zarzosa, Prince of Paz de Basano (1767-1851). Somewhat later, the building was handed over to 

Cardinal Bartolomeo Pacca (1756-1844) who lived there from time to time at least from 1819. Upon Pacca’s 

death, the palace of Piazza Campitelli belonged to his grandchildren for about fifty years, who rented 

parts of it out to their acquaintances, including Cardinals Giacomo Piccolomini and Giacomo Antonelli. 

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appraisal 

Fig. 4 – Piazza Campitelli on a map from 1731 (ASR, Maps and Drawings, 80, n. 239) 

(Spinola 1995, tav. III, Fig. 4) 

Subsequently, in 1886 the building was sold by the descendants of Pacca to Countess Carolina Portalupi 

(1852-1891), who restored it, leaving it to her direct descendants, the Genoese Marquis Spinola [Maria 

Antonietta Spinola was later to marry the well-known politician Mario Cingolani (1883- 1971), while Bonifacio 

Spinola married his second cousin, Countess Marina Baldeschi (1895-1983)]. The restoration of the 

Palace could not be postponed further since the complex was in a poor state of repair as a result of years 

of neglect: the works concerned mainly parts of the courtyard, the stairs, and the interiors. Walls were 

consolidated; arches, vaulted ceilings, and floors were reinforced or rebuilt; the eaves, roofs and terraces 

were repaired; the stairs and the floors of the landings of the main staircase were completely renewed; 

and many ceilings were renovated – especially the decorated ones – as were the upholstery of the interior 

walls, with doors and windows. There are also some interventions documented in relation to a more proper 

distribution of water and the renovation of the bathrooms. This period also witnessed the construction of 

the new glass-covered gallery on the south-east, and probably the cant of the third floor towards Palazzo 

Cavalletti. The work was substantial, but left the structure of the building unchanged. 

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appraisal 

In the Palace there is still a small collection of six portrayed heads – one in the entrance hall past the courtyard 

and the other five over the stairs – which were part of the collection of the Albertoni Paluzzi family, 

collectors of ancient artwork. The Paluzzi Albertoni collection was merged in the 1600’s with the remarkable 

Altieri collection, enriching the family mansion and other properties including villas on the Esquilino 

and at Porta Salaria. The busts to be found today in the Albertoni Spinola palace are “two ancient marble 

heads – one of a young woman and one of Antinous – mended in part; another ancient marble head – a 

priest of Isis – reworked in the Renaissance era as a portrait of Publius Cornelius Scipio Africanus; two 

marble portraits reconstructed during the Renaissance era – one of Julius Caesar and another probably of 

Hesiod or Zeno of Elea –; and a plaster cast of the head of Julius Caesar (probably of the Pacca and not 

of the Paluzzi family) taken from the statue preserved in the Senatorial Palace on the Capitoline Hill” (G. 

SPINOLA 1995, p. 15) (Fig. 5, 6, 7). 

Fig. 5 – Renaissance bust of Greek (Palazzo Albertoni Spinola): front view and profile 

(Spinola 1995 TAV. V) 

Renaissance bust of either Greek poet Hesiod or philosopher Zeno of Elea. 

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appraisal 

Fig. 6 – Head of Antinous (Palazzo Albertoni Spinola): front view and profile 

(Spinola 1995 tav. IX) 

Fig. 7 – Head of a priest of Isis reworked as “Publius Scipio Africanus” 

(Palazzo Albertoni Spinola): front view and profile (Spinola 1995 tav. VII) 

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REFERENCES: 

AMAYDEN T., 1910, Storia delle famiglie romane (History of Roman Families), Rome. 

BENEDETTI S., 1995, Il ghetto di Roma. Progetto di recupero urbano e edilizio 

(The Ghetto of Rome. A Project of Urban Renewal and Housing), Rome. 

BENEDETTI S., 1992, I palazzi romani di Giacomo della Porta, in Roma e lo studium urbis. Spazio urbano 

e cultura dal quattro al seicento (The Roman Palaces of Giacomo Della Porta in Rome and the Studium 

Urbis. Urban Space and Culture From the Fourteenth to the Sixteenth Centuries), Rome. 

BENOCCI C., 1981, Palazzetto Palazzi Albertoni: un interessante esempio di architettura romana minore 

degli inizi del XVII secolo (The Albertoni Palaces: An Interesting Example of Lesser Roman Architecture of 

the Early Seventeenth Century), in Alma Roma, September-December, pp. 37-51. 

CARPANETO G., 2004, I palazzi di Roma (The Palaces of Rome), Rome, pp. 23-24. 

HIBBARD H., 1967, Di alcune licenze rilasciate dai mastri di strade per opere di edificazione a Roma 

(About Some Licenses Issued by Road Masters for Construction Works in Rome), 1586-’89, 1602-’34, in 

Bollettino d’arte, LII, p. 109. 

FASOLO F., s.d., L’opera di Hieronimo e Carlo Rainaldi (The Work of Hieronimo and Carlo Rainaldi), Rome. 

FINELLI L., INSOLERA I, MARCIANO’ A.F., 1986, Il ghetto (The Ghetto), Rome. 

GAVALLOTTI CAVALLERO D., 1989, I palazzi di Roma dal XIV al XX secolo (The Palaces of Rome From 

the Fourteenth to the Twentieth Century), Rome. 

PIETRANGELI C., 1992, Guide Rionali di Roma. Rione X Campitelli (District Guides of Rome. The Campitelli 

10th District), I, Rome. 

RENDINA C., 1993, I Palazzi di Roma (The Palaces of Rome), Rome, pp. 244-45. 

SPINOLA G., 1995, Le sculture nel palazzo Albertoni Spinola a Roma e le collezioni Palazzi ed Altieri (The 

Sculptures in the Albertoni Spinola Palace in Rome and the Palazzi and Altieri Collections), Rome.(Annex 

n.2). 

TIBERIA V., 1974, Giacomo della Porta, Rome. 

TORSELLI G., 1965, Palazzi di Roma (Palaces of Rome), Milan. 

ZANDER G., 1990, L’arte di Roma nel secolo XVI (The Art of Rome in the Sixteenth Century), Bologna. 

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appraisal 

Recent restoration work 

In 1996 we assessed the state of deterioration of the building caused by a prolonged lack of maintenance 

over the years and - while after the project preparation, some conservative restoration work was carried 

out. These mainly concerned: 

– Controlling the disposal of rainwater by replacing eaves gutters and drainpipes; 

– Controlling the maintenance conditions of the roof, replacing broken tiles and supplying the missing ones; 

– Structural fortification of balconies and galleries; 

– Verifying the stability of the decorative elements of the cornice and replacement of the protecting slate 

elements in the upper part of the facade; 

– Centralization of the water, gas, and electricity systems with the removal of pipelines and appliances in 

disuse; 

– Updating of the electrical system of the condominium according to current standards; 

– Removal of the asphalt paving of the courtyard of the hallway and recovery of the cobblestone pavement 

below; 

– Conservative restoration of internal facades paying attention also to the Western facade; 

– Cleaning the travertine door-posts of the entrance; 

– Conservative restoration of the exterior facade; 

– Restoration of the main staircase with the upgrading of the related facilities. 

(Technical report entitled Situazione di rischio e priorità emerse dalle analisi effettuate. Proposta di massima 

degli interventi di restauro conservativo / Risk and Priorities Assessment resulting from the analyses. 

Tentative proposal for a conservative restoration, Engineer G. Carluccio, Architect A. Cerroti, Architect C. 

Tantillo, May 2006.Annex 1) 

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appraisal 

Before and after the works: comparing photos of the state of the building 

General view of the facade as seen from Piazza Campitelli before the works 

(photo: Cerroti, May 2006) 

Detail of the facade as seen from Piazza Campitelli after completing the restoration works 

(June 2012) 

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appraisal 

General view of the courtyard before the completing the restoration works 

(photo Cerroti May 2006) 

Partial view from the courtyard after the works (June 2012) 

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Left: a view from Piazza Capizucchi before the works (photo: Cerroti, May 2006). 

Right: a view from Piazza Capizucchi after the works (June 2012). 

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A view from Piazza Capizucchi, a detail of the facade before the works (photo: Cerroti, May 2006) 

A view from Piazza Capizucchi, a detail of the facade after the works (June 2012) 

A view from Piazza Capizucchi, a detail of the facade before the works (photo: Cerroti, May 2006) 

A view from Piazza Capizucchi, a detail of the facade after the works (June 2012) 

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appraisal 

Left: main staircase, a detail before the works (photo: Cerroti, May 2006) 

Right: main staircase, a detail after the works (June 2012) 

Left: main staircase, a detail before the works (photo: Cerroti, May 2006) 

Right: main staircase, a detail after the works (June 2012) 

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Gallery entrance to the courtyard, the left wall before the works 

(photo: Cerroti, May 2006) 

Gallery entrance to the courtyard, the left wall after the works (June 2012) 

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3-GENERAL OVERVIEW OF THE UNITS OF REAL ESTATE PROPERTY, SUBJECT TO AS- 

SESSMENT 

In addiction to the point 2 firstly, one needs to set forth an overall description of the individual units 

of real estate property in order to understand the interdependence - and at the same time the autonomy 

- between them. 

The three residential units occupy the entire ‘Palazzetto’ as well as the entire second mezzanine 

floor of the great ‘Palazzo.’ 

They are connected but still independent, and they may be accessed either through the main monumental 

staircase or through other independent entrances from Capizucchi alley, from Capizucchi 

square, or from the entrance hall of the Palace through the spiral staircase that starts right in entrance 

hall and leads up to the rooftop of the Palace. 

This staircase separates two of the three above mentioned apartments, having direct access to it. 

The ground floors of the building with an entry point on the left after the main entrance - and thus 

accessible from the entrance hall - could also be reached from the same spiral staircase mentioned 

above, if they were given access by simply opening the pre-existing door. 

The rooms on the ground floor of the ‘Palazzetto’ are also contiguous with the apartment on the 

ground floor which has a garden, and therefore this apartment could also be accessed by simply 

opening the pre-existing door. 

This way one could see a real estate property that is absolutely unique in its kind: not only with of 

garden in the center of Rome, but also with a rooftop and adjoining attic rooms with view on the 

city of Rome. 

The owner - thanks to the options determined by the multiplicity of access points - can decide 

which adaptations and uses are more suited to his needs at any time: whether to establish connections 

within the whole property or to keep it divided. 

In fact, the urban and land registry status would allow for the identification of thirteen totally autonomous 

real estate units. 

The whole ‘Albertoni Spinola’ Palace - with all internal and external decorations - represents historic 

and artistic value attested by a decree of the Ministry of Culture and the consequent tax 

benefits (Annex n. 3). 

he project and the built were made from two of the most important architects of the italian 

Reinassance: 

Giacomo Della Porta (https://en.wikipedia.org/wiki/Giacomo_della_Porta) 

and 

Girolamo Rainaldi (https://en.wikipedia.org/wiki/Girolamo_Rainaldi ). 

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4-MARGINAL NOTES 

a) The following criteria were applied for the measurement of the areas of the property: 

UNI 10750 standard on Real Estate Services. Requirements of Service. 

4.4 Criteria for property appraisal 

The UNI 10750 standard contains the following criteria for calculating “the surface of commercial 

areas”. For further information we suggest considering to purchase the documentation of UNI 

standards. 

Calculating the surface of the commercial area, depending on whether the real estate it is intended 

for residential use or for commercial use (offices, industrial or touristic use) the following should 

be considered: 

– the sum of passable covered areas including the surfaces occupied by interior and perimeter 

walls; 

– the weighted averages on surfaces for the exclusive use of terraces, balconies, patios and 

gardens; 

– the weighted surfaces of appliances (basements, indoor and outdoor car parking areas, boxes, 

etc.). 

The calculation of the covered surfaces must be based on the following criteria: 

a) 100% of the passable surfaces; 

b) 100% of the areas within internal non-bearing walls providing separation; 

c) 50% of the areas within internal bearing walls and perimeter walls. 

In the case of detached and / or single-family buildings, the percentage of point c) should be considered 

as 100%. The calculation of the areas referred to in point c) shall not, however, exceed 

10% of the sum referred to in points a) and b). 

For the calculation of uncovered surfaces, the following weighting criteria are to be used: 

25% of uncovered balconies and terraces; 

35% of covered balconies and terraces (by covered we mean closed on three sides); 

35% of patios and porches; 

60% of verandas; 

15% of apartment gardens; 

10% of villa and cottage gardens. 

The indicated percentages may vary according to the particular location of the real estate property, 

and to its external surfaces which may be roughly at the same level as the overall external 

sur-faces, and which may never exceed 30% of the covered surfaces - except for all those 

incremental or decreasing factors that characterize their particular level of environmental quality. 

biously the property subject to estimation belongs to the category that would determine a 

strong ariation of the aforesaid percentage uotas. oweer the prudential and conseratie 

criteria suggested by the property to the professional in charge hae not allowed for timely 

adoption. 

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5-DESCRIPTION OF EACH REAL ESTATE PROPERTY NUMBERED CONVENTIONALLY IN 

THE FOLLOWING SECTION OF THE REPORT AS CADASTRAL SUBORDINATES (hereinafter 

referred to as ‘SUB’) #1–13 IN ACCORDANCE WITH THE FLOOR PLANS AVAILABLE AT THE 

LAND REGISTRY (ANNEX 4 ) 

PLEASE NOTE THAT THE PROPERTIES HAVE N.4 CAR PARKING AREAS AT THE ENTRANCE 

HALL OF THE PALACE 

SUB #1 (today GARDEN APARTMENT)’’FOGLIO 492 PART.25-29-29’’ 

An apartment on the first floor of the ‘Palazzetto’ with entrances on the first floor of the monumental 

scale of the ‘Palazzo’ and a separate entrance from Capizucchi alley. 

The apartment extends over three floors connected by a circular staircase located between the 

dining room and a bedroom on the first floor. 

The first floor consists of an entrance hall, three living rooms, a dining room, three bedrooms, 

three bathrooms and a hallway. 

The garden is accessed from the living room with a central fireplace, which is covered – on its 

outer part – by pinewood. 

The garden is rectangular in shape and extends over a total of 177.65 m2. 

Downstairs there are the premises for the kitchen, a working room, a utility bedroom, a pantry and 

a closet. Finally, there is a cellar on the ground floor with the boiler room, a small bathroom and 

another utility room. In total, there are 351.77 m2 of covered commercial areas of which 234.34 is 

on the first floor, while 44.19 and 73.22 is on the middle floor and on the ground floor, respectively. 

The ceilings of the entrance are made of walnut wood, painted in light green and cream colors. 

The ceiling of the passage room between the ‘Palazzo’ and the ‘Palazzetto’ is decorated with 

simple relief patterns. The ceilings of the living rooms and the large bedroom with windows overlooking 

Capizucchi square are made of walnut and maple with cornices adorned with embossed 

inlay imitations of roses and golden coats-of-arms. 

The hallway, on the other hand, has a false ceiling, which hides a decoration similar to the one 

present in the passage room, referred to above. 

The floors of all rooms - except for the bathrooms on the first floor - are made of wide planks of 

light wood parquet. 

All doors of the rooms are made of light wood - dating back to the late 1800’s - featuring nine 

original doors. 

The condition of the small bathroom of the third bedroom does not adequately reflect the recent 

renovations. 

All windows have inner sash windows with glass panels. 

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The apartment is heated with a gas boiler, with radiators installed in the 90’s. 

It is to be highlighted that a staircase leads from the second bedroom to the apartment of the 

‘Palazzetto’ above, its features we will describe later (SUB #4). 

Major renovations were carried out in this real estate in the years 1961–1963, and most recently 

in 2010. 

The two main bathrooms were restructured while the ceiling of the passage room as well as the 

decorations of the fireplace were restored. 

The garden has undergone a complete redevelopment process too. 

The electrical and plumbing systems have been brought into compliance with governing control 

measures. 

SUB #2(today OFFICE)’’FOGLIO 492 PART.25 , S. 503’’ 

Premises on the ground floor of the ‘Palazzetto’ with entrance from Capizucchi alley n. 12. 

This apartment is currently intended for office use, and it extends over a commercial area of 43.71 

m2. 

It includes a bathroom, it has travertine floor, and has recently undergone some restructuring. 

The ceiling is 5.2 m high. 

This apartment is adjacent to the premises of the ground floor, the apartment with the garden, as 

well as SUB #3 that is described as follows. 

SUB #3(today WHAREHOUSE)’’SCHEDA N.8872520’’ 

Premises on the ground floor of the ‘Palazzetto’ with entrance from Capizucchi alley n. 13. 

This apartment is currently used as storage space, and it has been recently renovated. It has 

travertine floor. 

This apartment extends over a commercial area of 42.3 m2, and is contiguous to the premises 

already described as SUB #2. 

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SUB #4(today LARGE APARTMENT AT SECOND FLOOR)’’FOGLIO 492, PART. 25 , S. 502’’ 

An apartment on the second floor of the ‘Palazzetto’ and the first mezzanine floor of the Palazzo, 

with access from the monumental staircase and the spiral staircase that starts in the entrance hall 

of the ‘Palazzo’. 

The property extends over a commercial area of 325.75 m2 and 70 m2 of terraces: the terrace 

above the master bedroom covers 41.9 m2, while the other one over the property referred to as 

SUB #1, covers 28.05 m2. 

This apartment is divided into three parts: the first one was originally intended as an entry hall, the 

second one as a bedroom, and the third one as a kitchen, a dining area and as the premises for 

servants, which is accessed through a gallery. 

The apartment is accessed through a door in the middle of the fifth flight of the monumental staircase 

and consists of an entrance hall, a lounge, a dining room and a study, completed by a bathroom 

and another smaller toilet. 

From the entrance, three steps to the left lead to the sleeping area preceded by a hallway that 

connects the ‘Palazzo’ with the ‘Palazzetto’. This hallway has windows overlooking both Capizucchi 

square and Delfini street. 

The sleeping area is thus composed of the master bedroom, two other bedrooms and another 

bathroom. 

A wooden staircase leads from the master bedroom to the terrace overlooking the urban area of 

the building, with the Altar of the Fatherland and the Capitol. From the bedrooms in this area one 

has access to a terrace which corresponds to the ceiling of the apartment presented in SUB #1. 

One gains access, to the right of the above mentioned main entrance, through another hallway, to 

a bright gallery with iron cover and opaque glass which leads to the service area. 

This area consists of a dining-ironing area, a large kitchen, and a room for servants with its own 

bathroom. 

From the dining room - through a door - one has access to the spiral staircase that starts in the 

entrance hall of the ‘Palazzo’, and leads to the terrace with the adjoining attic which we will describe 

as SUB #6. 

The ceilings of the representative rooms are coffered in a simple manner, without the usual painted 

decorations with light green and cream colors. 

The floors are made of nailed oak parquet laid in a herringbone pattern. 

The coffered doors are painted with the same light green and cream colors. They go back to the 

restructuring in the late 1800’s, and are typical of the era. 

The electrical and plumbing systems were fully implemented during the latest restoration, in 

2002–2004. 

The three main bathrooms are covered in travertine whereas earthenware floor tiles were laid in 

both the bathroom for the servants and the small toilet with a sink feature majolica tiles. 

The gallery has an antique red brick floor while the dining room, the kitchen, and the room for the 

servants have recently laid ceramic floor tiles. 

As already indicated in this description, the total renovation of the property took place in 2002– 

2004, and was supervised by the architect Berardi. 

It is worth noting that one can not access real estate SUB #1 from this area because the bathroom 

of the master bedroom gets in the way. 

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appraisal 

SUB #5(today SMALL APARTMENT AT SECOND FLOOR)’’FOGLIO 492, PART.29, S. 513’’ 

An apartment on the mezzanine floor of the ‘Palazzo’ with an entrance from the second floor of 

the monumental staircase and from the spiral staircase that starts in the ‘Palazzo’s’ entrance hall. 

The property extends over a commercial area of 159.79 m2. 

One can access these premises from the second floor landing of the monumental staircase of the 

building, and one gets immediately to the gallery built with sheet brick wall and supported by six 

brackets of masonry. 

On the right side of the entrance there is a closet room, currently used as a kitchen. 

Walking the nine meters of the gallery one gets to a hallway that ends in three stair steps; these 

lead to a living room with a window overlooking Piazza Campitelli. Immediately on the left, there 

is a door that leads to a first bedroom. 

Also on the left of the steps just mentioned, there is a passage that leads to a first bathroom and 

another door leading to the second bedroom. There is then a second bath which belongs to the 

latter bedroom. 

Another hallway leads to the spiral staircase that starts from the Palazzo’s entrance hall. 

The two bedrooms, as well as the living room have windows overlooking Piazza Campitelli. 

The property was recently renovated in 2013. The two bathrooms are covered with travertine; the 

floors of the living room and the bedrooms are covered with floor tiles while the coffered ceilings 

are painted in white. The doors are also white and go back to the aforementioned restructuring of 

the late 1800’s. 

It has to be noted that in the living room, once one goes down three steps, there is a visible iron 

beam supporting the ceiling of the building, installed during the renovation work, mentioned before. 

The owners decided to adopt this original, aesthetic solution. 

SUB#6(today ROOFTOP TERRACE,LITTLE CHAPEL,S. STAIRCASE) 

‘’FOGLIO 492, PART.29, S. 507’’ 

A terrace with an attic on the same level, placed at the front of the ‘Palazzo’, and accessed from 

a spiral staircase that starts in the entrance hall, with three doors of which two entrances to the 

premises indicated as SUB #4 and SUB #5, as well as an additional third door leading to a small 

frescoed chapel. 

This real estate unit consists of a spiral staircase that leads from the entrance hall to the terrace 

overlooking Campitelli square, and also provides access to units SUB #4 and SUB #5. 

The terrace and the adjoining attic are part of the front structure of the ‘Palazzo.’ These can be 

accessed from the spiral staircase and extend over a total commercial area of 102.3 m2 and 86.88 

m2, respectively. 

The attic has recently undergone some restructuring and consolidation. It has a bathroom with a 

shower as well as an American-style kitchen. 

The floor consists of rustic wooden parquet, while the terrace has been completely repaved. 

As described above, the spiral staircase leads to a small oratory chapel that has undergone recent 

restoration works. 

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SUB #7(today OFFICE)’’FOGLIO 492, PART.29, S.2’’ 

A unit on the ground floor of the property under n. 1, with two entry points from the entrance hall 

of the ‘Palazzo,’ adjoining the above mentioned spiral staircase. 

This real estate unit extends over a commercial surface of 123 m2, and it consists of four rooms 

as well as a bathroom with a closet. 

The first and the second door to the left from the entrance hall provide access to the first two 

rooms of this real estate unit. 

One can also access - from the second door of the hallway, through a spare room - some marble 

steps with a wooden balustrade that, in turn, provide access to a bathroom with a shower belonging 

to these premises. 

On the right of the marble steps, there is a door which is currently closed, through which one could 

have direct access from these premises to the said spiral staircase. 

The two main rooms have Venetian-style terrazzo floors with recently restored colorful bands and 

cornices. 

The ceilings are decorated with stucco ornaments and painted in chiaroscuro. 

A fresco was hidden underneath the ceilings and revealed during restoration. When it was discovered, 

the superintendent of the cultural heritage at Rome requested that it remain uncovered. 

The doors of the two entry points are made of Norway spruce with copal designs while the interior 

doors are painted in a dark color and equipped with locks and metal door handles. 

The windows of the facade have glass panels and inner sash windows of Norway spruce. 

The restoration of this property required some strong artistic and architectural commitment and 

was completed only in 2012. 

The electrical installations of heating and cooling are newer and in good condition. 

SUB #8(today OFFICE)’’FOGLIO 492, PART.29, S.509’’ 

A property unit with a loft and with a large entrance from the hall of the ‘Palazzo,’ adjacent to the 

premises presented as SUB #7. 

This unit, extending over a commercial area of 61 m2, was assigned to be used as an office. Half 

of its surface is lofted, making the unit 4.50 m and 2.6 m high, respectively. 

The unit has no windows, yet it gets light through the large entrance door made totally of glass that 

allows for a complete illumination. 

This unit is also equipped with facilities found past the entrance, on the right. 

The floor is made of faux wood. 

It was also recently restored, including its utilities. 

SUB # 9(today SMALL OFFICE)’’FOGLIO 492, PART.29, S.510’’ 

A frescoed ground floor unit with a single entry point from the entrance hall of the building. 

This unit extends over a commercial area of 32 m2, and was assigned to be used as an office. It 

consists of a single room with a recently restored fresco at the center of the ceiling, it has travertine 

floors and its walls are equipped with a sink, now dismantled, but still with regular authorization 

obtained in 2012. The height of the ceiling is 3.70 m. 

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appraisal 

SUB # 10(today OFFICE) ’’FOGLIO 492, PART.29, S.512’’ 

A unit on the ground floor of the property with two entry points from the entrance hall of the ‘Palazzo’, 

and with a basement. 

As one enters the ‘Palazzo’, it is the third and fourth doorways on the right that give access to this 

property. It consists of a first unit that takes light from the alley at the back of the ‘Palazzo’, which 

is the private property of Sigma-Tau, an Italian pharmaceutical company. 

From this unit one has access to three other rooms that are lit only by a French door opening onto 

the same alley. 

This property extends over a commercial area of 92 m2 excluding the basement which is accessed 

via a steep staircase that is located in the entrance hall. 

The underground consists of three rooms and a bathroom. 

The floor of the ground floor is made of faux wood. 

The vaulted ceiling is 5.20 m high in the first unit, and 4 m in all the other premises. 

The electrical, plumbing and heating systems have been recently renovated. 

SUB # 11(today OFFICE)’’FOGLIO 492, PART.29, S.508’’ 

A ground floor unit of the property with entry points from Capizucchi square and from the entrance 

hall of the ‘Palazzo’. 

This large unit extends over a commercial area of 114 m2, and it consists of a central space connected 

to the services, which are doubled by means of a staircase and a loft of a second bathroom. 

The entrance from Capizucchi square allows the use of this property independently from the doorway 

and the entrance hall of the ‘Palazzo’ itself. 

The height of the large room is 5.25 m. 

It has marble floors, vaulted ceilings, and its outside door is rather large. 

In the future, one might even want to bring a car through the front doorway if it is deemed necessary. 

However, this unit, as of this day, is an elegant office restored in 2013. 

SUB # 12(today STORAGE) ''FOGLIO 492 PART.29, S1'' 

A storage unit pertaining to the ‘Palazzo’, with an entrance from Capizucchi alley. 

This small unit, with a small fresco inside, extends over a commercial area of 12 m2, and is used 

today as a warehouse. 

The entrance leads to Capizucchi alley and is part of the great ‘Palazzo’. 

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appraisal 

SUB # 13 (today STORAGE)’’FOGLIO 492, PART.29, S.506’’ 

A storage unit on the ground floor of the ‘Palazzo’ with an entrance from the inside doorway of the 

‘Palazzo.’ 

This small storage unit consists of two floors, each extending over a commercial area of about 12 

m2, and is used today as a warehouse. 

It belongs to the inner structure of the ‘Palazzo’. 

SUMMARY 

VALUABLE COMMERCIAL AREA IN SQUARE METERS,THE SUITES:(SUB 1,2,3,4,5,7,8)1221,32 

COMMERCIAL WAREHOUSE SURFACE IN SQUARE METERS:(SUB 12,13) 24 

SURFACE OF GARDENS:(SUB 1) 177,65 

SURFACE OF ROOFTOP & TERRACES WITH VIEW:(SUB4,6) 259,19 

SURFACE OF SUITE'S EXTERNAL UNITS:(SUB 9,10) 124 

CAR PARKING AREAS AT THE ENTRANCE HALL OF ‘’THE PALAZZO’’: 4 

Certification and cadastral floor plans 

The cadastral status of all units appear to have been recently updated and are compliant with the 

current state of affairs (ANNEX 4). 

Compliance certification of utility systems 

The appropriate certification has been obtained for all housing units (ANNEX 5). 

Documentation on compliance with town-planning regulations 

The works carried out on all the buildings were in conformity with the authorizations received from 

the competent bodies of the Ministry of Culture and the Council of the City of Rome (ANNEX 6). 

Other permissions for conducting various activities 

The property referred to as SUB #5 received authorization to perform touristic activities (in line 

with Regional regulation of October 24, 2008, n. 16 BUR; and of November 7, 2008, n. 41, S/130, 

“Directives for accommodation facilities,” see ANNEX 7). 

Documentation certifying the origin of the property 

As evidenced by the attached proceedings, the full ownership is legitimately represented by 

Filippo Bartolotta Cingolani for the properties referred to as SUBS #1, 2, 3, 4, 7, 8, 9, 10, 11, and 

12; as well as by 

Margherita Montefusco for SUBS #5, 6, and 13 (ANNEX 8). 

Building regulations and tables 

The new regulations on condos have been recently altered and enhanced by the addition updated 

millesimal tables (ANNEX 9). 

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Dossier of the conditions of the building prior to the renovations 

During the renovation of the building, a dossier was drawn up, highlighting the structural and infrastructural 

shortcomings to be urgently rectified (ANNEX 10). 

Floor plans and maps of the entire property 

During the renovation of the entire building new maps and floor plans were issued that minutely 

reflect the property in its entirety (ANNEX 11). 

Photographic documentation (ANNEX 12). 

6- DESCRIPTION OF REDEVELOPMENT 

Total amount: Euro 2 MM. All redevelopment included, considering the detailed design and construction 

supervision. (ANNEX 13) 

The intervention involves the construction of three luxury suites, following criteria of high-end 

finish. The luxury suites are equipped with fitness and wellness facilities, and public areas that 

include: private security, private business office, and a theater with a projection room.The 

owners published also a book and a video that show the property after the 

redevelopment(ANNEX 12) 

GARDEN SUITE 

The Garden Suites is developed on three floors, featuring Sub 1, Sub 2 and Sub 3. The ground 

floor of the Garden Suite are going to became private gym and wellness directly connected with 

the apartment at the first floor of the Garden Suite, through a spiral staircase. Between the ground 

and the first, there is an intermediate/mezzanine floor. 

The ground floor of the apartment sub.1 will be connected with sub.2 and that connected with 

sub.3. Sub.2 and sub.3, today contiguous, will be made communicating through the opening of a 

simple door. 

AMBASSADOR SUITE AND EXECUTIVE SUITE 

The Ambassador and the Executive Suites are located at the second/mezzanine floor of the Palazzetto, 

at the Sub 4 and Sub 5, respectively. 

These areas will be connected to sub.6, spiral staircase, simply restoring the functionality of an 

existing door, The connection with Sub.7 will take place by restoring an old existing door, while the 

connection with Sub.8 will take place opening a new door. 

In this way, the Ambassador and Executive Suites will have a big fitness and wellness area that 

can be stunning and fascinating because original frescos and ceiling with vaults. The same spiral 

staircase, equipped with motorized seat, will also connect the two suites to a little chapel and the 

stunning rooftop terrace, Sub. 6. 

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COMMON AREAS 

Common areas feature Sub 9, Sub 10 and Sub 11 respectively as a Management Office, the Private 

Entrance from p.za Capizucchi and the Theater; at the ground floor of the Palazzetto. 

The Office, Sub.9, consists of a single room with a recently restored fresco at the center of the 

ceiling, it has travertine floors and its walls are equipped with a sink, now dismantle. It will be necessary 

to install the heating and air conditioning system. 

The Private Theater, Sub.10, consists in a specious unit of three rooms and a bathroom. The floor 

of the ground floor is made of faux wood. The electrical, plumbing and heating systems have been 

recently renovated. Install a cutting-edge movie projector, a security system, refurbishment of the 

bathroom in the basement, and other adjustments. 

The Private Entrance. Sub.11, the entrance from Capizucchi square allows using it independently, 

becoming a private and securing entry for the guests. It needs to be equipped. 

CONCLUSION: 

Implementation of security and home automation systems for all premises, according to the latest 

technological standards. As well as the development of a sophisticated “landscape” and a botanical 

and architectural intervention at the garden of the first floor and the rooftop terrace. 

7 – ADDITIONAL REMARKS ON THE LOCATION OF THE REAL ESTATE PROPERTY 

The property in question is located in Rome, in the historic Rione Campitelli, the tenth district, between 

Via dei Fori Imperiali, Via di San Gregorio, Via dei Cerchi, Via San Teodoro and the stretch 

of streets and squares near the Theatre of Marcellus. The small size of the area and, above all, its 

richness in prominent archaeological sites and museums make it the least populous district of the 

City: with very few residential buildings and less than one thousand residents. 

The coat of arms of the District bears a black head of a dragon against a white background: it goes 

back to the medieval legend of an evil monster which in the fourth century was threatening to the 

Roman Forum until it was driven out through the intervention of Pope Sylvester I, also renowned, 

by tradition, to be an exorcist. There are conflicting opinions about the origin of the name of the 

district, ‘Campitelli’: some say it derives from Capitolium, the highest of the seven hills, on top of 

which stood the most important ancient Roman temple dedicated to the worship of the triad of 

Jupiter, Juno and Minerva. Another opinion attributes the etymology to the Latin name Campus 

Telluris (‘dirt field’), in consideration of the fact that the name ‘Campitelli’ is also found in other cities. 

Before the founding of Rome, until the ninth century BC, the area was only a marshy valley: 

only later, when some tribes settled on the surrounding hills, did the area begin to function as a 

meeting place for commercial purposes. Then, it became the throbbing heart of the public life of 

the ancient agglomeration. 

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appraisal 

The very name ‘Foro’ probably comes from archaic Latin ‘Foras’, meaning “outside, away from 

home”, indicating the neutral character that the place had for strangers who came here merely to 

visit the marketplace here. During the Middle Ages and the Renaissance, ruined Ancient sculptures 

and religious buildings remained submerged underneath the debris, and thus the area remained, 

until the nineteenth century, devoted to the sale of livestock, taking the name of Campo 

Vaccino. 

In 1921, a part of the original area of the Campitelli was detached to form the newly constructed 

Celio district. Nonetheless, since it contains the Capitol, the Palatine Hill and the Roman Forum, 

it has certainly preserved its greatest touristic importance among the districts of the capital city. 

Moreover, it can be said that up to Vittorio Emanuele II, Rione Campitelli was consecrated by 

tradition to the Founding Fathers: just think of Romulus on the Palatine, Camillus on the Capitol, 

the emperors in the Forum, and Cola di Rienzo. Moreover, one could also evoke the legendary 

memories of the patron saints of Rome, all connected to this district: Saints Peter and Paul, Santa 

Francesca Romana, San Sebastian, and St. Michael the Archangel. The remaining one of the 

seven hills included in Campitelli, the Palatine, and it is indeed the soul of the oldest trades and 

settlements that led to the founding of the city. Unlike the Capitol, the Palatine is not adjacent to 

the Tiber: with its maximum height of 51 meters above sea level, it is located between the Roman 

Forum and the Circus Maximus, and welcomes visitors as an authentic open-air museum. Walking 

along the Via Sacra that starts near the Arch of Constantine is a unique experience every single 

time. But the essence of the city, the center of prominent political life, trade and rites, as well as religious 

practices was the Forum, which we now call the ‘Roman’ Forum but at the time was known 

as Forum Magnum. 

The Piazza del Campidoglio is still considered - just like it was two millennia ago - the geographical 

center of Rome, the reference point to count all road distances with respect to the city. One goes 

up there from Piazza Ara Coeli, via a staircase designed by Michelangelo in the mid-sixteenth 

century: the square is surrounded by a number of buildings of great historical and institutional 

prestige. The square itself was built following the design of Michelangelo, in terms of both its layout 

and the geometric pattern of the pavement. Moreover, the current structure of the Capitol is the 

result of a complex series of projects, constructions, conversions and renovations that took place 

between the fifteenth and the seventeenth centuries. On the northern side of the hill - impressive 

in its dazzling whiteness - emerges the Vittoriano, built between 1885 and 1911, and dedicated to 

Vittorio Emanuele II and the unification of Italy in 1870. Designed after the First World War also as 

a military memorial and home to the Tomb of the Unknown Soldier, it receives constant attention 

from tourists, and indeed precisely for this reason, nowadays it has been the target of heated criticism: 

since its visual impact is too massive and aggressive compared to the Antique monuments 

behind it, some have labeled it with allusive nicknames like ‘the typewriter’, ‘the wedding cake’, or 

‘the inkpot’. A few years ago some even came up with the idea to demolish it; but the outcome of 

the controversial debates arising was to finally accept the bulky monument as an entity adopted 

on its own right into the urban landscape of the capital. 

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However, the real architectural distortion in that area was due to the opening of the Via dei Fori 

Imperiali - in the beginning called Via dell’Impero - according to the fascist project of modernizing 

monuments and celebrations. It was inaugurated in 1932 by erasing entire historic streets, demolishing 

church buildings, gutting hills and pulling down old structures and statues of the Roman 

republican and imperial age. So what was built in the early days of the city, and what was designed 

and built in recent times, coexist in Campitelli more than in any other location in Rome. It took ten 

months’ work to change all of the features of the area: the new large gap emerged between Piazza 

Venezia and the Colosseum – beyond any possible ideological consideration – presented itself 

from the start, on the aesthetic, functional, urban levels, as the most visible symbol of the eternal 

conflict that seems to caress the soul of those who live or pass through the walls of the City. That 

intermittent and arcane dilemma, which is ultimately impossible to solve, inextricable, and for this 

reason darkly fascinating; that doubtful hesitation between the admiration of the ancient and the 

need for modernization – that dilemma lingers and spreads in Rome in a unique way within the 

whole world. And that is not a limit, but rather a continuous source of new vitality – like the needle 

of an imaginary compass of time, vibrating between the remains of the early days, the recent 

echoes of the day before yesterday, and the deafening calls of today. 

8 – SUMMARY OF SURFACES IN SQUARE METERS 

VALUABLE COMMERCIAL SURFACE SUITES 1221,32 

COMMERCIAL STORAGE SURFACE 24 

SURFACE OF GARDENS 177,65 

SURFACE OF ROOFTOP & TERRACES WITH VIEW 259,19 

SURFACE OF SUITE'S EXTERNAL UNITS 124 

CAR PARKING AREAS AT THE ENTRANCE HALL OF THE ‘PALAZZO’ 4 

9 - A SEARCH FOR THE EVALUATION CRITERIA 

According to a general definition, “evaluation is the discipline that aims to provide the methodological 

tools for the assessment of those assets that can not be assessed in an unambiguous fashion” 

(“Estimo. Teoria, procedure di valutazione e casi applicativi” / “Appraisal. Theory, assessment and 

case studies”, Grillenzoni Maurizio, Grittani Giovanni – Calderini – 1994). 

For the proper preparation of an estimate, it is necessary to establish, in the first place, the principle 

of ‘objective assessment’ whose absence will inevitably make the estimate depart from market 

realities – which, in fact, is a substantial and determining feature when seeking to ascertain a 

value. 

In the present case, the purpose of the estimative report is to identify “the most probable maximum 

market value” to be allocated to the building, taking into consideration the optimum conditions resulting 

from a radical functional redevelopment as described in the previous chapter. 

Having said that, we have been focusing - as per our mandate - on establishing the Market Value 

applying the processes of direct and indirect estimates. 

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appraisal 

10 – A SEARCH FOR THE EVALUATION PARAMETERS FOR DIRECT PROCEDURE 

As Prof. Famularo stated as early as in 1942, as to the general principles of estimation: “from the 

logical point of view there is only one method to estimate the value of all goods, and that is the 

recognition that the given goods belong to a class of similar goods of a known price, based on a 

parameter which is common to all those goods” (Famularo, “Ancora sul concetto di dipendenza 

del valore dallo scopo della stima” / “Still on the concept of dependence of the value on the purpose 

of the estimation”, in Riv. Cadastre and SS.TT. EE., n. 2, 1942). 

These claims were, in principle, reformulated and shared by Prof. Marcello Orefice, who wrote: 

“Therefore, any estimative operation consists of the synthetic comparison between the goods being 

assessed and one or more groups of functionally similar goods, for which we have historical 

data about the prices that have already been applied in exchange operations.” (Orefice, Estimo / 

Appraisal, Utet, 1984). 

The retrieval of objective historical data to use for a comparison, can sometimes be tricky due to 

the constant habit of the persons involved in economics to reduce (often for taxation purposes) 

the actually agreed upon prices, although this phenomenon is declining as a result of the 2006 

Budget (Act 266 of December 23, 2005, Art. 1, par. 497) that introduced the requirement of the 

declaration of the ‘real’ value of the transaction, supported with the documentary evidence and 

verifying means of payment. 

In the estimative practice though, a search for sales offers in the so called ‘homogeneous 

area’,considering the units with the same featuresand uses,still remains a good reference point; 

which, in case of scarcity of data, may also extend to similar areas; so that one may actually 

‘assimilate’ the examined reality into the potential ‘price’ to offer in the course of free bargaining. 

As is known, the offer does not always match the demand in the market and, in any case, the 

“time” factor is inversely proportional to the entity of the offer. In fact, the more time passes by 

after some goods are launched onto the market, the more the financial claims of the tendering 

party decrease. In our case, since the area is of absolute value, the time factor has a very limited 

impact on the offer, given that prestigious economic goods remain unaffected by the usual market 

crises and, in contrast, experience even greater demand in periods like the present one, in which 

investors are looking for solid bases precisely in the property sector. 

For these reasons, in order to identify the parameter of estimation, we will refer to properties 

placed on the market in the area (or the wider area) for the same features and purposes of use, 

by applying - whenever applicable - “correction coefficients”, by reason of possible major and 

minor advantages of the goods we are comparing with the one being assessed.oweer 

considering the prudential and conseratie criteria that the property suggests such coefficients 

were not adopted. 

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appraisal 

In the course of our research we identified the following properties offered for sale: 

1. Villino Giulia 

Villa at Piazza di Spagna Advertised by Christies Real Estate 

Surface: 

Interior: 

Garden: 

Cellar: 

Asking Price: 

Price/m2: 

Price/sq ft: 

7.911 sq ft/735 m2 

3.444 sq ft/320 m2 

1.937 sq ft/180 m2 

25.000.000 Euro 

20.226 Euro/m2 

1.881 Euro/sq ft 

2. Luxury Penthouse in the Heart of Rome 

Penthouse over Piazza Venezia Advertised by Christies Real Estate 

Surface: 

Asking Price: 

Price/m2: 

Price/sq ft: 

5.220 sq ft/485 m2 

15.000.000 Euro 

30.927 Euro/m2 


3. Apartment in Via dei Condotti 

Advertised by Christies Real Estate 

Surface: 

Asking Price: 

Price/m2: 

Price/sq ft: 

3659 sq ft/340 m2 

7.000.000 Euro 

20.588 Euro/m2 


4. Apartment in Ludovisi 

Advertised by Sotheby’s International Realty 

Surface interior: 

Terraces (100% of the value) 

Asking Price: 

Price/m2: 

Price/sq ft: 

5.489 sq ft/510 m2 

2.325 sq ft /216 m2 

20.000.000 Euro 

27.548 Euro/m2 


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appraisal 

Considering these four units of real estate property, one may conclude that our parameter is 

25,993 Euros per square meter. 

However, one should not overlook the fact that the measurements of these units of property are 

certainly not as rigorous as the measurements adopted for the present report of assessment. One 

may notice, in fact, that in most cases cellars or terraced surfaces are included in full to the 

square meter values. 

n addition is ery important to consider that the aforesaid properties are not comparable to the 

property in estimation in terms for the formers indiidual combinations of features. 

11 – A VERIFICATION OF THE NOMISMA OBSERVATORY ON ‘’EXCLUSIVE RESIDENCES 

IN ROME’’ 

Since 2003, Nomisma has been publishing a monitoring report on the most exclusive segments of 

the residential market. The Observatory of Exclusive Residences - a rather unique publication in 

Italy of its kind – is published twice a year, and is intended to provide an economic outlook and a 

perspective on the quantities, values, trends and the opinions expressed by professionals of Nomisma/Tirelli 

& Partners regarding a segment that presents characteristics and trends being 

very different from the rest of the residential market. 

The Observatory is published in late February and in late September of every year at a press 

conference to which the major Italian newspapers are invited. 

You can download all issues of the Observer published to date, by clicking on “Download” on the site: 

http://www.tirelliandpartners.com/showPage.php?template=download&search=Categoria2 

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appraisal 

Price requests (1) for valuable housing ProPerties in rome - first half of 2014 

Urban 

Areas 

Min. Average 

Price for m2 (2) 

€/m2 

Change 

during the 

first half in % 

Max. Average 


Average 


Highest 

Price (5) 

Average 

Total 

Price (6) 

Max. 

Total 

Price (7) 

Change 

Change 

€/m2 

during the 

€/m2 

during the 

€/m2 €/m2 €/m2 



Historical 7.042 -6,7% 13.789 -4,7% 10.303 -5,9% 25.833 2.507.556 31.000.000 

Center 

Pinciano 7.440 -3,7% 10.208 9,9% 8.909 5,1% 16.667 2.140.909 5.000.000 

Veneto 

Parioli 6.214 -8,0% 11.271 -2,5% 8.518 -5,4% 16.364 2.546.304 9.000.000 

Salario Trieste 

Prati 6.875 2,6% 10.522 -6,2% 8.551 -3,4% 12.857 1.840.769 4.500.000 

Vigna Clara 5.817 3,8% 9.365 -7,4% 7.284 -2,5% 10.000 1.983.333 6.500.000 

Camilluccia 

Average 6.678 -2,8% 11.031 -2,6% 8.713 -2,7% 16.344 2.203.774 11.200.000 

Price requests (1) for valuable housing ProPerties in rome - first half of 2015 

Urban 

Areas 

Min. Average 


€/m2 

Change 

during the 


Max. Average 


Average 


Highest 

Price (5) 

Average 

Total 

Price (6) 

Max. 

Total 

Price (7) 

Change 

Change 

€/m2 

during the 

€/m2 

during the 

€/m2 €/m2 €/m2 



Historical 6.907 -6,8% 12.760 -7,4% 9.657 -0,6% 21.667 2.423.333 18.000.000 

Center 

Pinciano 6.937 -2,5% 11.025 3,5% 8.846 -0,7% 16.667 2.150.000 11.000.000 

Veneto 

Parioli 5.535 -2,8% 10.804 -3,7% 7.894 -3,1% 16.444 2.348.421 7.800.000 


Prati 6.459 0,3% 10.643 -0,1% 8.151 -0,2% 12.857 1.752.941 4.500.000 

Vigna Clara 5.184 2,3% 8.532 -1,9% 6.616 1,0% 10.000 1.787.222 6.500.000 

Camilluccia 

Average 6.204 0,6% 10.753 -2,3% 8.233 -0,8% 15.127 2.092.384 9.560.000 

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appraisal 

Price requests (1) for valuable housing ProPerties in rome - second half of 2015 

Urban 

Areas 

Min. Average 


€/m2 

Change 

during the 


Max. Average 


Average 


Highest 

Price (5) 

Average 

Total 

Price (6) 

Max. 

Total 

Price (7) 

Change 

Change 

€/m2 

during the 

€/m2 

during the 

€/m2 €/m2 €/m2 



Historical 7.059 2,2% 13.098 2,6% 9.880 2,3% 21.667 2.494.444 2,9% 

Center 

Pinciano 7.102 2,4% 11.292 2,4% 9.059 2,4% 16.667 2.225.000 3,5% 

Veneto 

Parioli 5.611 1,4% 10.521 -2,6% 7.742 -1,9% 14.444 2.288.000 -2,6% 


Prati 6.488 0,4% 10.835 1,8% 8.280 1,6% 12.857 1.823.529 4,0% 

Vigna Clara 5.087 -1,9% 8.466 -0,8% 6.548 -1,0% 10.000 1.769.474 -1,0% 

Camilluccia 

Average 6.269 1,0% 10.842 0,8% 8.302 -0,8% 15.127 2.120.090 1,3% 

Average 

(1) Values in the table are calculated on the basis of the requested price for both sold properties and properties 

announced for sale. 

(2) The average value per m2 of valuable residential units, having a lower price than the first quartile of the real estate 

price distribution per m2. 

(3) The average value per m2 of valuable residential units, having a higher price than the third quartile of the real 

estate price distribution per m2. 

(4) Average price value per m2 of the real estate properties. 

(5) Highest price value per m2 of the real estate properties. 

(6) Average total price value per m2 of the real estate properties. 

(7) Highest total price value registered during this half of the year. 

Source: data provided by Nuova Attici & processed by Nomisma 

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appraisal 

It should be clarified that under the unequivocal designation of “exclusive residences” one must 

identify at least two different categories with potential differences between them, in terms of markets 

and trends. 

On the one hand, there are the real estate units with the highest profile: large and very large residences 

(250 m2 and above), sought by a narrow range of users. On the other hand, there are 

real estate units in the category of “exclusive” as per their size and cost, which however are still 

accessible to a wider range of users. 

To make categorization easier, the first segment hereafter will be referred to with the adjective 

“top”, while the second with “medium”. 

We will resort to this categorization whenever the correct analysis, or the explanation of the observed 

phenomenon so requires. If not mentioned explicitly, all aspects must be considered valid 

for the segment as a whole. 

Clearly, in the first half of 2014 and in 2015 the top price for the category - which without a doubt 

includes the described real estates, in our estimation - was an average of 23,055 euro per 

square meter. 

However, on January 7, 2015 we witnessed an important transaction in the heart of Rome. Here 

is the statement released to the press by the major international news agencies: 

“Yesterday, PSG striker soccer player Edinson Cavani completed the purchase of a penthouse 

in the center of Rome for the amount of 8.7 million Euros – reveals a statement released by the 

British association. The property - located on the third floor of a building from the 1700’s - 

consists of four bedrooms, a three living rooms, 3 bathrooms, a private gym and relaxation area 

extending over a total of 450 square meters. The deal, was completed in a few days and was 

formalized by the Notary Giuliani in Rome.” 

Therefore, as you can see, even though we do go into the details, there was a transaction for a 

per square meter amount around 20,000 Euros. 

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perizia 

12-SEARCHING FOR THE MARKET VALUE:FEATURES IN COMMON 

The features of the property compared to the features of the units that we have considered as 

parameter for evaluation criteria are: 

 

 

 

 

 

 

 

 

 

unitsapartments with maimum fleibility of use which are independent real estate units. 

he general prestige of the property and its common monumental areas. 

he location at the historic heart of Rome in a historically and architecturally uniue city one. 

he structure has been subject to thorough remodeling. 

he amenities aailable to each suiteapartment and the rarity of such offering. 

he condition of the indiidual units after remodeling. 

parking spaces aailable in the courtyard of the building. 

he recent roster of prestigious residents. 

ow property taes based on talian ta law. 

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appraisal 

13 – SEARCHING FOR THE VALUE:EXTRAORDINARY FEATURES OF THE PROPERTY 

First of all It is necessary to clarify that considering the historical significance, the absolute uniqueness 

and the value of the property, any economic assessment object of the following appraisal is 

considered very difficult. 

The extraordinary features of the property that are not comparable with the features of the units that 

we have considered as parameters of evaluation criteria are: 

1-An architectural masterpiece erected by men of genius. Both the project and its execution bear the 

mark of two great 17th century architects in Rome: Giacomo della Porta and Girolamo Rainaldi. The 

property features the following exclusive characteristics: 

A) They integrated the new construction into the ancient preexisting Palazzetto, allowing this unit 

to extend and merge into the new construction without being able to recognize that you are in one side 

or in the other part of the Palazzo; 

B) They created and maintained a direct view of the entry of Santa Maria (which is the Campitelli 

Church located in front of the Palazzo Albertoni Spinola) from the original door of the Palazzetto, 

despite having built the great Palazzo in front of what preexisted building; 

C) They have made possible the use of the old roof secret garden of the Palazzetto with the first 

floor of the Palazzo, making this unit a unique property of its kind. 

2- The “chameleonic” quality of a property, both at the urban-legal and the physical levels, that 

features multiple entrances and thus constitutes one and at the same time multiple units that are 

completely autonomous, hence the emphasis on “privacy” but at the same time the usability of the 

common monumental areas. 

3- In regards to such setup, the possibility of touristic-residential use and therefore of the 

development of projects that are particularly profitable and that, thanks to current regulations on the 

matter, can be carried out without altering the urban physiognomy, thus allowing for private residential 

use at any moment. 

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appraisal 

14 – THE AVERAGE OF VALUES 

In the previous sections we were conducting a search for the value of the redeveloped real estate 

property. Based on statements made in the preciding paragraphs, the evaluation of the properrty 

goes as follow(in euros): 

VALUABLE COMMERCIAL SURFACE SUITES IN SQUARE METERS(SUB 1,2,3,4,5,7,8) 1221,32 

1221,32 x 24000 = 29311600 

COMMERCIAL STORAGE SURFACE IN SQUARE METERS(SUB 12,13) 24 

24x 4000 = 96000 

GARDEN SURFACES(SUB 1) 177,65 

177,65 x 8000(one third of the full price per square meter) = 1422880 

SURFACE OF ROOFTOP & TERRACES WITH VIEW(SUB4,6) 259,19 

259,19 x 12000 (half of the full price per square meter) = 3110280 

SURFACE OF SUITE'S EXTERNAL UNITS(SUB 9,10) 124 

124 x 8000=992000 

CAR PARKING AREAS AT THE ENTRANCE HALL OF THE ‘PALAZZO’ 

n. 4 x100000=400000 

TOTAL VALUE OF PROPERTY REDEVELOPED 35332760 

15-ANNEXES 

1- RESTORING THE WHOLE PALAZZO:LAST WORKS 

2- ALBERTONI SPINOLA BOOK 

3- GOVERMENT LAW OF 1933 ABOUT 

4- CADASTRAL CERTIFICATE AND FLOOR PLANS 

5- POLLUTION AND ENERGETICH CERTIFICATE 

6- ALL THE PERMITS 

7- HOSPITALITY PERMIT 

8- TITLE OF PROPERTIES 

9- CONDO RULES 

10- BOOK ABOUT THE BUILDING IN ACCORDANCE WITH PAST LAW 

11- ALL THE FLOOR PLANS AND DESIGNES 

12- PICTURES 

13- DESCRIPTION INTERVENTION OF DEVELOPMENT 

14- RECENT REVIEW 

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appraisal 

Appraiser 

Mr. Ivan Mammucari 

Professional qualifications 

Licensed to practice the profession of Surveyor obtained in Rome; 

Enrolled in the Surveyors’ Provincial Association of Rome with the no. 8293 on 1/27/1999. 

Enrolled in the Architecture Course of Study at the University of Rome “La Sapienza” since 1981. 

Registered with the Velletri Court under no. 1101 of the civil Register, as consultant; 

Computer skills 

Excellent knowledge of hardware and software (Autocad 2004, Autocad 2000, Autocad 14, Autocad LT, Word 7.0, Excel, 

Publisher, Leonardo), programs of the Ministry of Finance for cartographic updates of the Ministry of the Territory: Pregeo, 

Docfa, Docte, Volture; accounting program, Primus jobs. 

Refresher courses 

At the Land Register to register through the new Docfa procedure version 3.04 and key for telematic transmission. 

At the Land Register to insert the constructions on the map through the Pregeo procedure version 9.01; 

Work experience 

Took part as Data Collector to the 3rd Agriculture Census of 1983 in the Municipality of Velletri. 

In 1998 collaborated with the “A & L Associati” office of Mr. Paolo Annavini of Rome as Coordinator for the province of 

Rieti and Northern Rome for cadastral works with the Ministry of Finance – A.I.M.A. FINSIAL – and Ministry of the 

Territory for the photo interpretation of unrecorded property, not indicated on the map. 

Professional experience 

From 1983 to 1985 and from 1987 to 1995, carried out collaboration with the Architect Massimiliano Bombetti registered 

with the Architects Association of Rome under no. 3913, with office in Velletri (Rome), Trento and Trieste Square no. 3, 

and specifically took part to the drafting of the following projects: 

General local strategic plan of San Giorgio Lucano (MT); 

Recovery plan of the historic center of the Municipality of Oriolo Calabro (CS); 

Production site plan (P.S.P.) of the Municipality of Oriolo Calabro (CS); 

Consolidation and restoration of the Medieval Castle of Oriolo Calabro (CS); 

Consolidation and restoration of the Mother Church of Oriolo Calabro (CS); 

Consolidation of Pieruban mountainsides of the Municipality of Rocca di Neto (CZ); 

Drafting of 4 sports venues in the Municipalities of Belvedere Spinello – Rocca di Neto – Oriolo Calabro – Roseto Capo 

Spulico (not financed); 

Private projects and agreed arrangement of building plots in the Municipalities of Oriolo Calabro – Amendolara – Roseto 

Capo Spulico – Trebisacce (province of Cosenza), in the municipalities of Rocca di Neto – Belvedere Spinello (province of 

Catanzaro) and in the municipalities of Velletri – Genzano of Rome (province of Rome). 

Has been working independently since 1996, collaborating with other surveyor colleagues, especially in carrying out the 

following assignments: 

For public works contracts in collaboration with other technicians: 

Municipality of Velletri: 

• Dimensioned plan and rectification of the borders in Velletri in source locality Santa Maria dell’Orto with end report in 

collaboration with surveyor Massimo Di Fabio; 

• Splitting up of Municipality of Velletri: public road Via XXIV Maggio, Via Padre Mariano Colagrossi, via Oreste Nardini 

in collaboration with surveyor Massimo Di Fabio; 

• Municipality of Velletri rectification of boundary and division of some properties built by Cooperatives in Zoning 

Map167 in collaboration with surveyor Massimo Di Fabio; 

• Municipality of Velletri plano-altimetric survey of the local road of Colle Formica; 

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appraisal 

• Municipality of Velletri plano-altimetric survey of the local road of Poggi D’Oro in collaboration with surveyor Massimo 

Di Fabio; 

• Municipality of Velletri plano-altimetric survey of the local road of the Vascucce in collaboration with surveyor Massimo 

Di Fabio; 

• Survey, division and staking out of Vascucce locality junction. 

• Municipality of Velletri planning and survey of the Hospital Connector which connects the via Appia with the Velletri 

hospital in collaboration with surveyor Andrea Andreozzi; 

• Municipality of Albano Laziale survey and planning of two street segments in Albano Laziale adjacent to the Public Hospital 

in collaboration with Eng. Giulio Nardini; 

• Municipality of Velletri planning and Management of the Works for extension and hydraulic installation-local road of 

the Vascucce in collaboration with surveyor Massimo Di Fabio. 

For private customers: 

• Topographical surveys with electronic theodolite “Geotronic” for other technical studies of Rome and province and Latina 

and province: 

• Registration of buildings with inclusion on the map at the Land Register through “Pregeo” procedure and at the Urban 

Land Register through “Docfa” procedure; 

• Division of Land; 

• Dimensioned plans (contour lines, sections …) with rendering of the same in Autocad 14 – autocad 2000, 2004, topographical 

program “Leonardo Classico”; 

• Cadastral transfer registration land register and urban register; 

• Regularization projects Law 47/85, law 724/94, law 326/2003 and R.L. no. 12/2004 even on areas subject to the restriction 

in accordance with law 1497/39 and subsequent amendments and additions and with law 431/85; 

• Planning of new constructions, authorization to unload, hygienic sanitary suitability of business premises etc. 

Private construction projects carried out during the period going from the year 1999 up to today. 

• Assignment no. 587/98/8001 by “SILEC S.p.a. – Planning and Constructions” of Leini (TO) for the dimensioned plans 

and support to the enterprise during the execution of the works pertaining to the drainage system and the purification 

system of the city of Velletri (Rome); 

• Assignment for topographical surveys by the company “M.T.C. S.p.a.” headquartered in Rome for the realization of a 

hospital in Sacrofano (Rome) Rimessa della Fame locality and survey of the Spolverini di Ariccia hospital for a sum of €. 

1.291,14; 

• Assignment by Arch. Agapito Fornaro on 1/8/2001 for the topographical survey in the municipality of Velletri with dimensioned 

plan, contour lines and cadastral addition on Via Guido Nati and Via Menotti Garibaldi; 

• Assignment by Arch. Bruno Fede on 9/10/2002 for topographical survey in the municipality of Velletri with dimensioned 

plan contour lines and cadastral addition on Via del Fontanaccio, via Martiri delle Fosse Ardeatine Viale Oberdan, Piazza 

Mazzini; 

• Computerization on aerial photogrammetry of the toponymy, boundary delimitation of the territory, districts, population, 

green areas, hygienic services, cemetery area, location of the dumpsters to collect urban solid waste of the entire area 

of the Municipality of Velletri, on behalf of the Company Volsca Ambiente Spa. with assignment in December 2000; 

• Joint assignment with surveyor Massimo Di Fabio by Eng. Marco Arcieri for the plano-altimetric surveys of the abandoned 

railroad Velletri-Colleferro tract internal to the Municipality of Velletri; 

• Assignment of surveys for Contest–Contract for Eng. Raffaele Colosimo by the GEA s.p.a. company headquartered 

in Naples in the municipality of Civitavecchia for the realization of a drainage system on via Braccianese, locality of 

Madonnina; 

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appraisal 

• Assignment Eng. Roberto Naso of Rome as engineer of the “C.T.L. s.r.l.” company for contract-contest surveys municipality 

of Pomezia locality of Castagnetta – Via Naro and 3 current purification installations; 

• GEA S.p.a. assignment by Eng. E. Marino headquartered in Naples on 2/6/2004 for surveys and dispossessions in the municipality 

of Pomezia: locality of Castagnetta, Torvaianica Alta, Campo Jemini, Laurentina central connection and Pomezia 

Sud Reservoir; 

• Court of Latina Assignment (bankruptcy division) Judge Michele Cataldi bankruptcy no. 31/04 on 11/10/2004 for the 

topographical surveys of an abandoned Mine municipality of Fondi (LT); 

• Assignment by Piazza Garibaldi Professional Association – arch. Orsola Gazzanica for plano-altimetric survey in the 

municipality of Velletri of Piazza Garibaldi; 

• Assignment by arch. Giampaolo Ercolani for plano-altimetric survey of the public garden of Viale Marconi in the municipality 

of Velletri; 

Personal assignments Municipality of Velletri, Nettuno, Pomezia, Marcellina carried out in the period going from 1999 up 

to today 

• Received assignment on 9/20/1999 to divide a plot of land on which a public artesian well persists in Colle Scarano District 

Municipality of Velletri; 

• Assignment to divide and terminate the area for transfer to the Ministry of the Interior for the construction of the Fire 

station, Municipality of Velletri Decision C.E. no. 449 of 12/31/1999; 

• Assignment of the Municipality of Velletri Decision of C.E. no. 492 of 8/10/2000 for land register certificates of no. 4 

public areas in the local territory; 

• Municipality of Velletri assignment Measure no. 67 of July 17, 2001 division of land subject to dispossession Municipality 

of Velletri area Zoning Map 167; 

• Municipality of Velletri assignment Measure no. 365 of 10/18/2001 division for rectification and termination Source area 

Santa Maria dell’Orto; 

• Municipality of Velletri assignment Measure no. 385 of 10/22/2001 Cadastral Variations ex “Eca” Property in Via del 

Corso della Repubblica; 

• Assignment from Carano Aqueduct Consortium Municipality of Nettuno area division Acciarella locality for lift sewage 

system Board of Directors of 4/3/2001; 

• Municipality of Velletri assignment, technical and graphical instrumental survey of the road of Paganico Determination 

service VT no. 368 of 10/26/2000; 

• Appointment of Criminal Police Aid on 3/3/2003 by the Financial Police (Velletri Company) following the assignment 

conferred by the Public Prosecutor’s Office of Velletri signed by the Deputy Public Prosecutor Ms. P. Della Vecchia for the 

exact identification of the boundaries of an area located in the Municipality of Velletri near the Hospital; 

• Professional assignment together with another technician surveyor Massimo Di Fabio in the Municipality of Velletri 

to plan and manage the construction of two parking lots of P.R.G. in via dei Volsci Appia State Road Measure no. 415 of 

12/14/2001; 

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appraisal 

• Municipality of Velletri professional assignment to re-establish the borders and end the covered market Measure no. 34 

of 10/7/2002; 

• Municipality of Velletri assignment to stake out and divide a local road called Via di Troncavia Measure 309 of July 23, 

2002 and addition of Measure no. 106 of 3/31/2004; 

• Municipality of Velletri assignment to re-establish the borders and end the dumping of the urban solid waste in Lazzaria 

District Estate Area Measure no. 35 of 10/10/2002; 

• Municipality of Velletri assignment through measure no. 233 of 11/11/2003 in collaboration with the Director of the 

Municipality of Velletri for the realization of a parking lot in regard to the Velletri Public Hospital; 

• Municipality of Pomezia assignment to define dispossessions and easements areas for the normalization of public sewage 

drainage of the Northern Area of the Capital – I extract Measure no. 129 of August 1, 2003; 

• Municipality of Velletri joint assignment together with another technician to end and register the elementary school 

of Colle Palazzo and Tevola District Measure no. 85 of 7/1/2005; and additional assignment through Measure no. 260 of 

12/27/205; 

• Municipality of Marcellina assignment (Rome) through Measure no. 353 of 11/23/2006 to divide and verify the area 

subject to dispossession of the Congregation for the Evangelization of the People – Voluntary Transfer of Areas for the 

Santa Palomba reservoir and Conduits; 

• Municipality of Velletri assignment as Operational Director and Construction Site Inspector within the Works Management 

Office of the Colle Perino junction Appia S.R. Area V Measure no. 44 of 2/7/2006; 

• Municipality of Velletri assignment for plano-altimetric survey and planning proposal of the junction of Colle Ottone 

through Measure no. 22 of 2/12/2004 Transportation Area; 

• Municipality of Velletri assignment together with another technician for plano-altimetric survey of the following junctions: 

Via dei Volsci-Via Lata; Via Appia-Via Fontana delle Rose; Via Appia-Piazza Garibaldi; Via Appia-Via Santo Tomao; 

Via Appia-Via di P.R.G.; Viale Rome-Via dei Laghi; Via Campo sportivo-Via A. Fanfani – Via E. De Filippo – Via Circonvallazione; 

Via Appia-Via dei Cinque Archi-Viale Salvo D’Acquisto; Measure no. 133 of 6/20/2003; 

• Municipality of Velletri assignment to divide public utility extension area school of Colle Carciano Measure no. 229 of 

9/31/2006; 

• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Pomezia 

referenced in Measure no. 55 of 5/25/2007l for the “Division and Dispossession Procedure – Zoning map 167/62 Section 

1”. (contract on 9/19/2007 index no. 6377). Amount €. 12.000,00. 

• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Pomezia 

referenced in Measure r.g.n. no. 1568 of 5/18/2007 for “Dispossession Procedures and for the land register division relating 

to public works carried out prior to the coming into effect of the Consolidation Act on the dispossession of public Utilities” 

– (contract on 9/19/2007 index no. 6378). Amount €. 25.000,00. 

• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Velletri 

referenced in Measure area IX no. 86 of 12/21/2007 for plano-altimetric survey and extension of the public Cemetery – 

(contract dated 2/8/2008 index no. 1808); 

- 103 -

appraisal 

• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Velletri referenced 

in Measure no. 235 of 11/28/2008 Area V for inclusion in the map and registration of sports center and enel electricity cabin; 


Public Works Reference no. 407 of 3/30/2009 assignment for transcription, registration and transfer of acquisition decree 

Santo Tomao junction area; 


Public Works Reference no. 50 of 4/14/2009 for topographical surveys, unit plans, routes, typing and printing of Detour 

route Via delle Fosse – Viale Oberdan-Via Appia, on the route of the Velletri-Rome railroad; 


referenced in Measure no. 100 of 7/20/2009 area V Identification of boundaries between public and private property in the 

locality of Ponte Bianco; 


referenced in Measure no. 190 of 7/23/2010 area V coordination of safety in the execution stage for the extraordinary 

maintenance of Via Vascucce; 


referenced in Measure no. 232 of 12/24/2010 area V division for dispossession and inclusion in the map and registration 

of the school building of Ponte di Mele; 


referenced in Measure no. 248 of 10/12/2010 area VI Public Works. Addition of drafting of Survey of the Vascucce Velletri 

public road Variation; 


referenced in Measure no. 223 of 9/9/2011 area VI. Survey to identify Colle Palazzo road; 


referenced in Measure no. 110 of 6/15/2011 area IV Public Works. Division of the work areas for the development of the 

traffic circle in the Papazzano locality; 

• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Velletri referenced 

in Measure no. 245 of 11/13/2012 area IV Public Works. Assignment of stake out of the new road in preliminary 

to the carrying out of the geological investigations in Via Circonvallazione di Ponente; 

• Assignments from the Court of Velletri Property Execution Office. Executions numbers: 204/02 – 30/06 – 419/04 – 

306/02 – 42/00 – 46/01 – 287/96 – 689/96 – 237/05 – 374/02 – 161/04 – 514/03 – 4/02 – 8/00-196/07 – 403/03 – 502/03 

– 156/07 – 450 and 451/02 – 21/08 – 305/08 – 267/03 – 305/07 – 436/08 – 409/08 – 151/08 – 189/05 – 132/05 – 325/8 

– 377/09 – 474/09 – 527/08 – 523/09- 284/10 – 247/10 – 401/10 – 427/10 – 410/10 – 753/10 – 809/10 – 358/11 – 648/11 

– 906/11 – 449/12- 

• Assignments from the Court of Velletri – separate section of Albano Laziale, Anzio and Frascati civil suits: number 

40473/01 – 67/2004 – 40334/06 – 40250/07 – (554, 552 and 549/05)- 616/06 – 4517/10 – 2017/10 – 7072/2008. 

- 104 -

- 105 - 

appraisal

Refurbishment 

Project

efurbishment project 

Intervention of redevelopment 

The construction of three luxury suites to be carried out with the highest standards. The design of the furniture is by 

Philippe Starck. These suites are to be equipped with fitness and wellness areas, as well as shared common areas with security 

facilities, an office and a movie-theatre. 

Garden Suite 

The Garden Suites is developed on three floors, featuring Sub 1, Sub 2 and Sub 3. The ground floor of the Garden Suite 

are going to became private gym and wellness directly connected with the apartment at the first floor of the Garden Suite, 

through a spiral staircase. Between the ground and the first, there is an intermediate/mezzanine floor. 

The charming private garden provides serenity, harmony and peace. Thanks to the floor to ceiling windows the spacious 

rooms of this apartment have an incredible amount of natural light. The antique hand painted wooden ceilings and the 

cozy fireplace can create the comforting atmosphere of a real home. 

The ground floor of the apartment sub.1 will be connected with sub.2 and that connected with sub.3:sub.2 and sub.3 are 

going to became private gym and wellness directly connected with the ‘’garden apartment ‘’ 

Ambassador Suite and Executive Suite 

The Ambassador and the Executive Suites are located at the second/mezzanine floor of the Palazzetto, at the Sub 4 and 

Sub 5, respectively. 

The spiral staircase sub.6 will be connected (opening the old existing door) with sub.7 and that one with sub.8, opening a 

completely new door this time. In this way, the Ambassador and Executive Suites will have a big fitness and wellness area 

that can be stunning and fascinating because original frescos and ceiling with vaults. The same spiral staircase will also 

connect the two suites to a little chapel and the rooftop terrace, Sub. 6. 

Common Areas 

Common areas feature Sub 9, Sub 10 and Sub 11 respectively as a Management Office, the Private Entrance from p.za 

Capizucchi and the Theater; at the ground floor of the Palazzetto. 

The Office consists of a single room with a recently restored fresco at the center of the ceiling, it has travertine floors and 

its walls are equipped with a sink, now dismantle. It will be necessary to install the heating and air conditioning system. 

The Private Theater consists in a specious unit of three rooms and a bathroom. The floor of the ground floor is made of 

faux wood. The electrical, plumbing and heating systems have been recently renovated. Install a cutting-edge movie projector, 

a security system, refurbishment of the bathroom in the basement, and other adjustments. 

The Private Entrance consists of a central space connected to the services, which are doubled by means of a staircase and 

a loft of a second bathroom. The entrance from Capizucchi square allows using it independently from the entrance hall of 

the ‘Palazzo’ itself, becoming a private and securing entry. Needs to paint the premises. 

Conclusion 

Moreover, for all the premises, the implementation of security and home automation systems according to the latest technological 

standards all the area as well as the development of a sophisticated “landscape” and a botanical and architectural 

intervention at the garden of the first floor. 

Total amount: approximately EUR 2,000,000 with the ‘turn-key’ formula. 

-108 -


The architects 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-109 -

orhtaB 

tnempiuqemyG 

refurbishment project 

Total Investment Chart 

TOTAL INVESTMENT CHART 

neR n oitavo wn skro 

0,830.656$ 

naerutinruF snehctiKd 

0,817.206$ 

o sm 

0, 0.371$ 

smetInehctiK 

0,637.49$ 

neniL htaB dna mordeB 

0,713.94$ 

0, 13.81$ 

Co m m o ecapSn 

apS& senleW 

0,581.02$ 

0,831.02$ 

T sV 

0,474. 6$ 

ngiseD epacsdnaL 

0,379.762$ 

latoT 

0,098.860.2 $ 

-110 -


Rennovation Works 

Art. 

1 

Description 

Garden Suite 

Room 

U.m. 

Quant. 

Price 

Tot.Partial.Euro 

Tot.Gen.Euro 

1.1 

Revision and Remake of the 

plaster in damaged areas. 

Entire apartment 

sqm 

1 

25 

25 

1.2 

Total bathroom renovation, 

according to the project, hot 

and cold water supply 

connected to the boiler. 

All that is needed for the 

complete installation of the 

bathroom equipment and its 

water sockets. Including the 

network of mechanical 

ventilation supply and 

installation of suitable 

vacuum cleaners. 

B1_first floor 

B2_mezzanine 

n 

2 

1.500 

3.000 

1.3 

Renovation of the whole air 

conditioning system 

throughout the entire 

building. 


a c. 

1 

25.000 

25.000 

1.4 

Replacement of the brick 

floor with the new one for 

the middle and ground floor. 

Dismantling of the old 

flooring , supply and 

installation of the new is 

included. 

Kitchen 

sqm 

118 

180 

21.240 

1.5 

Break down of 2 partitions 

on the ground floor. 

Kitchen 

sqm 

22 

20 

430 

1.6 

Waterproofing and 

insulation of the cellar on 

the ground floor. 

Cellar 

sqm 

1 

80 

80 

1.7 

Opening for a door 

connecting the ground floor 

and SUB 2, including 

demolition and supply of a 

new frame in solid wood. 

a c. 

2.800 

2.800 

Total Garden Suite 

52.575 

- 111 -


Art. 

2 

Description 

Gym Garden Suite 

Room 

U.m. 

Quant. 

Price 


Tot.Gen.Euro 

2.1 

Construction and renovation 

of hygienic and sanitary 

services for fitness and 

relaxation to serve the 

property SUB3. 


sqm 

352 

5.000 

5.000 

2.2 

Air conditioning and heating 

system suitable for the 

above services. 

a c. 

34.496 

34.496 

2.3 

Tempera painted ceilings and 

veils including its preparation, 

by shaving and primer : 

for three hands to cover. 


sqm 

36 

18 

648 

2.4 

Painting with water-based 

paint for three hands to 

cover the walls of existing 

and th new, including 

grouting, shooting sharp , 

shaving and preparation. 


sqm 

1.056 

20 

21.120 

Total Gym Garden Suite 

61.264 

3 

Garden Suite Spa 

3.1 



by shaving and primer : 

for three hands to cover. 


sqm 

36 

18 

648 

3.2 








sqm 

100 

20 

2.000 

3.3 

Construction of heating and 

cooling systems which allow 

to use the area as a fitness 

and relaxation area . 


sqm 

36 

98 

3.528 

Total Spa Garden Suite 

6.176 

- 112 -


Art. 

4 

Description 

Ambassador Suite 

Room 

U.m. 

Quant. 

Price 


Tot.Gen.Euro 

4.1 








sqm 

975 

20 

19.500 

4.2 

Painting of the walls of the 

terrace above the master 

bedroom. 

Terrace 

sqm 

35 

20 

700 

4.3 

Opening for a door for the 

spiral staircase, including 

demolition and supply of a 

new frame in solid wood. 

a c. 

2.800 

2.800 

4.4 

Supply and installation of a 

canalization system for air 

conditioning with a single 

engine and 6 machines. 


34.000 

34.000 

4.5 

Realization of 2 Jacuzzis 

with renovation of its 

hyginic and sanitary 

systems. 

B1, B2 

a c. 

3.000 

3.000 

Total Ambassador Suite 

60.000 

- 113 -


Art. 

5 

Description 

Executive Suite 

Room 

U.m. 

Quant. 

Price 


Tot.Gen.Euro 

5.1 




sqm 

480 

20 

9.600 

5.2 



by shaving and primer: for 

three hands to cover. 


sqm 

160 

18 

2.880 

5.3 

Painting with water-based paint 

for three hands to cover the 

walls of existing and th new, 

including grouting, shooting 

sharp , shaving and preparation. 


sqm 

480 

20 

9.600 

5.4 

Floor Rennovation by the 

supply of new fine wood 

parquet with wide boards 

(Listone Giordano) nailed 

directly to the ground. 

sqm 

80 

150 

12.000 

5.5 

Rennovation of the bathrooms 

by installation of a system that 

allows jacuzzis. 

B1, B2 

n 

2 

1.000 

2.000 

5.6 

Supply and installation of a 

canalization system for air 

conditioning with a single 

engine and 4machines. 


a c. 

15.000 

15.000 

Total Executive Suite 

51.080 

6 

Attic and Spiral 

staircase 

6.1 

Revision and rennovation of 

plaster walls of the spiral 

staircase of the terrace and the 

attic. 

Stair 

sqm 

500 

20 

10.000 

6.2 

Realization of 2 platform stair 

lifts for spiral staircase with 

radio-controlled electric motor. 

Stair 

a c. 

40.000 To verify 

Total attic and spiral staircase 

50.000 

- 114 -


Art. 

7 

Description 

Ambassador and 

Executive Suite Gym 

Room 

U.m. 

Quant. 

Price 


Tot.Gen.Euro 

7.1 




sqm 

370 

20 

7.400 

7.2 

Adaptation of health services 

for Fitness use. 


a c. 

1.500 

7.3 

Opening for a door connecting 

SUB 8, including demolition 

ans supply of a new frame in 

solid wood. 

a c. 

2,500 

2.500 

7.4 

Mosaic cover for the precious 

floor done with a shatterproof 

glass/polycarbonate. 

Entire room 

sqm 

55 

240 

13.200 

Total Ambassador and 

Executive Suites Gym 

24.600 

8 

Ambassador and 

Executive Suite Spa 

8.1 



by shaving and primer : for 


Entire room 

sqm 

61 

18 

1.098 

8.2 






Entire room 

sqm 

180 

20 

3.600 

8.3 

Rennovation of hygenic and 

sanitary systems which allow to 

use the area as a fitness and 

relaxation area. 

Entire room 

a c. 

1 

1.500 

1.500 

Total Ambassador and 

Executive Suites Spa 

6.198 

- 115 -


Art. 

9 

Description 

Office 

Room 

U.m. 

Quant. 

Price 


Tot.Gen.Euro 

9.1 

Supply and installation of 

heating and conditioning 

system. 

Entire room 

a c. 

1.500 

1.500 

9.2 



by shaving and primer: for 


Entire room 

sqm 

32 

18 

576 

9.3 





sharp, shaving and preparation. 

Entire room 

sqm 

100 

20 

2.000 

Total Office 

150 

12.000 

4.076 

10 

Theater 

10.1 

Realization of professional 

cinematographic system. 

a c. 

120.000 

To verify 

10.2 

Total bathroom renovation, 

according to the project, hot and 

cold water supply connected to 

the boiler. All that is needed for 

the complete installation of the 

bathroom equipment and its 

water sockets. Including the 

network of mechanical 

ventilation supply and 

installation of suitable vacuum 

cleaners. 

Underground 

n 

1 

1.600 

1.600 

10.3 

Other adjustments of security 

systems. 

a c. 

3.500 

3.500 

Total Theater 

125.100 

- 116 -


Art. 

11 

Description 

Entrance 

Room 

U.m. 

Quant. 

Price 


Tot.Gen.Euro 

11.1 



by shaving and primer : for 


Entire room 

sqm 

114 

18 

2.052 

11.2 






Entire room 

sqm 

300 

20 

6.000 

Total Entrance 

8.052 

12 

Others 

12.1 

Supply of a new elevator with a 

modern glass transparent door. 

a c. 

55.000 

55.000 

12.2 

Implementation of security 

systems and home automation 

according to the most advanced 

technological standards. 

Entire building 

80.000 

80.000 

N.B. 

Further investigation is needed to verify more accurately some of the mentioned items. 

- 117 -


Furniture and Kitchens 

Total Suites and Garden Suite 

Rooms 

Description 

$Total Price 

3 Suites 

G arden Suite 

199.533 

A mbassador Suite 

280.357 

Executive 

Suite 

122.828 

Total supply of furniture and kitchens 602.718 

Brand Name 

N Description €UnitPrice 

€Total Price 

Master 

Bedroom 

Bedroom 

Small 

Bedroom 

Entrance 

Lobby 

Lounge 

Driade Neoz 1 King Size Bed 180x200 H200 (P.Starck) 4.404,00 4.404,00 

Kartell Ghost 2 Bedside Tables 40 X 57 H X P.47 (P.Starck) 259,00 518,00 

Flos Miss K 1 Table Lamps H 43.2 X Diam. 23.6 (P. Starck) 250,00 250,00 

Cassina Sled 1 Desk By Dordoni 170 X42/60 H 65 3.015,00 3.015,00 

Driade Neoz 1 Armchair 58 X57.5 X H 85 Tess. Cat.0 (P.Starck) 1.672,00 1.672,00 

Flos Archimoon K 1 Table Lamp H. 57xdiam. 11 Cm 420,00 420,00 

Flos Super Archimoon 1 Floor Lamp H. 214x L.242 X Diam. 55 Cm 6.900,00 6.900,00 

Textile (Courtain 150 X300) 1.500,00 1.500,00 

Cassina L22-l23 S.W.B. 1 King Size Bed 4.971,50 4.971,50 

Cassina L22-l23 S.W.B. 1 Bedspread 805,20 805,20 

Cassina L22-l23 S.W.B. 2 Bedside Dx, Sx With Drawer Oak Finish 1.104,10 2.208,20 

Flos Romeo Soft 2 Lamps 1.049,20 2.098,40 

Tog Light Rock 1 Armchiar 83x71,5, H. 102 Cm 671,00 671,00 

Flos Romeo Soft 1 Floor Lamp H160 X Diam. 50 Cm (P. Starck) 1.250,00 1.250,00 


Poliform Bangkok 1 Wardrobe* (L. 292xh. 259 Cm) 12.612,00 12.612,00 

Poliform Graffiti 1 Wardobe*(L. 292xh. 259 Cm) 8.708,00 8.708,00 

Cattelan Westin 1 Extraclear Glass Consolle 160x45xh.76 Cm 1.621,38 1.621,38 

Kartell La Boheme 2 Stools Diam.33 H. 46 Cm 157,38 314,76 

Driade Kosmo Egeso 5 Mirror Egeso Driade Kosmo 1.835,00 9.175,00 

1 "L" Wadrobe 2.00x1.00m H 3.00 5.000,00 5.000,00 

Cassina Lady 720 2 Armchiar "Lady 720" Cassina Marco Zanuso 3.490,00 6.980,00 

Icon Edition 

B&b Mera 1 Coffe Table With Glossy 2.108,00 2.108,00 

Chrome Base And White Carrara Marble Top 

D=90 H. 40cm 

Flos Arco 1 "Arco Di Castiglioni "Lamp 1.950,00 1.950,00 

Maxalto Pathos 1 Chromed Framed Consolle Glossy Laquered 3.052,00 3.052,00 

Finish 150x45x H.73 Cm 

- 118 -


Garden Suite 

Rooms 

Brand Name N Description €UnitPrice 


Small 

Bedroom 

Living 

Room 

Dining 

Room 

Kitchen 

Flou Plaza 2 Twin Bed With Adjustable Slats 2.450,00 4.900,00 

(Dim. Mattress 100 X200) 

Dim. 109 X227 H 44/118 O 143 

Kartell Ghost 2 Clear Bedside Tables 40x37xh.57 Cm 259,00 518,00 

Flos Chapo 2 Bedside Lamps H. 40 Cm 360,00 720,00 


Driade Neoz 2 Sofa 146x82xh.85 Cm With 5 Cushions 5.343,60 10.687,20 

Driade Neoz 1 Sofa 206x82xh.85 With 5 Cushions 7.057,70 7.057,70 

Cattelan Dielle 1 Coffe Table 100x100cm 1.137,00 1.137,00 

Kartell Top Top 2 Table Diam.60 H. 72 Cm 382,00 764,00 

A.B.C. Gio Ponti Carpet 1 Carpet Dim 200 X300 4.000,00 4.000,00 


Flos Table Gun 2 Table Lamp H.92,4 Cm, Diam. 51 Cm Chrome 1.890,00 3.780,00 

Poliform Wall System 1 Wall Bookcase And Tv L 260 H210 6.000,00 6.000,00 

Driade Neoz 1 Table With Marble Top 210x90 Cm 3.825,00 3.825,00 

Driade King Costes 12 Chairs 50,5x57x H.81 Cm 1.070,00 12.840,00 

Cattelan Hilton 1 Extraclear Gloss Madia H74x184 3.500,80 3.500,80 



Driade Kosmo 3 Vases "Kosmo" Driade 175,00 525,00 

Flos Cicatrices De Luxe 8 1 Chandelier H. 120/150 Cm 4.950,00 4.950,00 

Driade Kosmo 2 Candelabra "Kosmo" Driade 877,00 1.754,00 

1 Varenna Kitchen * 14.080,00 14.080,00 

4 Stool - H 76 Cm - Emeco Des.p.s. 1.086,00 4.344,00 

Total 

€ 177.587,14 

* Kitchen with glossy lacquered doors, stainless steel top, sink with 1 welded tank in the top, stainless steel back, lights, 

composed by: 1 removable sink base 60 cm, 1 dishwasher Miele, 1 oven base Foster, 1 base with two drawers ad one extractor, 

1 Miele fridge/freezer, 1 dish drainer wall unit, 1 cabinet kitchen hood, 2 cabinets with swing doors, 1 New Form mixer, 1 

Foster induction hob, 1 cutlery tray, 1 waste bins (300x60x H. 208 cm). 

- 119 -


- 120 -


Garden Suite 

- 121 -



Rooms 



Master 

Bedroom 

Bedroom 

Small 

Bedroom 

Studying 

room 

near 

bedrooms 

Driade Neoz 1 King Size Bed 180x200 H200 (P.Starck) 4.404,00 4.404,00 

Flou Mattress 1 Matress Dim. 180 X200 1.785,00 1.785,00 

Adaptive H 22 

Kartell Ghost 2 Bedside Tables 40 X 57 H X 47, (P.Starck) 259,00 518,00 

Flos Miss K 1 Table Lamp H 43.2 X Diam. 23.6 (P. Starck) 250,00 250,00 

Cassina Sled 1 Desk By Dordoni 170 X42/60 H 65 3.015,00 3015,00 

Driade Neoz 1 Armchair 58 X57.5 X H 85 Tess. Cat.0 (P.Starck) 1.672,00 1672,00 

Flos Arkimoon K 1 Table Lamp H. 57xdiam. 11 Cm 420,00 420,00 

Flos Super Archimoon 1 Ground Lamp H. 214x L.242 X Diam. 55 Cm 6.900,00 6.900,00 

1 Textile (courtain 150 x300) 1.500,00 1500,00 

Poliform Bangkok 1 Wardrobe * 12.612,00 12.612,00 

Minotti Powel Bed 1 Bed King Size 206x224 Cm, Cat. G 6.405,00 6405,00 

Flou Mattress 1 Dim. 180 X200 1.785,00 1.785,00 

Adaptive H 22 

Kartell Ghost 2 Bedside Tables Trasparent 40x37xh.57 Cm 259,00 518,00 

Flos Romeo Soft T1 2 Bedside Lamps H 67, Diam. 34 Cm 698,00 1.500,00 

Maxalto Recipio '14 1 Desk With Drawer With Shellac Finish Dim 130 X60 3.712,00 3.712,00 

Cassina Caprice 1 Leather Chair Cat. Y 909,00 909,00 

Flou 1 Tessile Set Biancheria Letto 1.500,00 1.500,00 

(Piumino, Copripiumino, Federe Guanciali, Sotto Teso) 

Poliform Graffiti 1 Wardrobe * 8.708,00 8.708,00 

Flou Plaza 2 Twin Bed With Adjustable Slats 2.450,00 4900,00 



Flou Matress Adaptive 2 Matress Dim. 100 X200 1.070,00 2.140,00 


Kartell Light Air 1 Table Lamp H 32 X 17 X14 162,00 162,00 

Poliform Graffiti 1 Wardrobe * 8.708,00 8.708,00 

1 Textile (Courtain 150 X300) 1.500,00 1.500,00 

Cattelan Qwerty 1 Desk 120x72 Cm 1.310,00 1.310,00 

Cassina Caprice 1 White Leather Chair Cat. Y 909,00 909,00 

Flos Ara' 1 Table Lamp Diam. 17,5xh. 56,5 Cm 650,00 650,00 

Cassina 212 L.W.S. 1 Armchair Sheathing Cat. L 4.130,00 4.130,00 

Kartell Ghost Buster 2 Box 68 X 42 X H80 695,00 1.390,00 


1 Textile (courtain 150 x300) 1.500,00 1.500,00 

- 122 -



Rooms 



Entrance 

Lounge 

Living 

Room 

Living 

Room 

Dining 

Room 

Maxalto Pathos 1 Chromed Framed Consolle Glossy Laquered Finish 3.052,00 3052,00 

150x45x H.73 Cm, 

Dedon Play 1 Floor Lamp "Play With Dedon" Philippe Starck 9.785,00 9.785,00 

Fiam Caadre 1 Mirror "Caadre" Fiam Philippe Starck 155x76 1.680,00 1.680,00 

Kartell Uncle Jack 1 Small Sofa 190x75xh.99 Cm In Tranparent Polycarbonate 1.025,00 1.025,00 

Driade Costes 2 Small Armchairs "Costes" Driade Philippe Starck 902,80 1.805,60 

Kartell Abbraccio 2 Candelabra Polished Chrome Finish 20x11xh.25 Cm 139,00 278,00 


Cassina Lazy Working Sofa 1 Sofa With Ground Plane Sx And Dx 9.570,00 9.570,00 

(280x128xh.53/87) Cat. 0 

With 4 Cushions 55x55 Cm Cat. 0 

Dedon Play 1 Lampada Da Terra "Play With Dedon" 9.785,00 9.785,00 

By Philippe Starck 

Kartell La Boheme 4 Clear Stools Diam. 34xh.46 Cm 129,00 516,00 



Cassina My World 244 31 1 Sofa With Two Armrests "240", Fabric Cat. 0 7.810,00 7.810,00 

With 4 Cushions 

Cassina My World 244 31 2 Sofa 240x95xh47/80 With 2 Armrests, Fabric Cat. 0 7.810,00 15.620,00 

With 4 Cushions 

Driade Lou Read 2 Poltrone 70x76xh.120 Cm, Pelle Cat. Z 6.244,70 12.489,40 

Cassina Mex 1 Transparent Glass Coffe Table 108x36xh. 24 Cm, 760,00 760,00 

With White Painted Base 

A.B.C. Giò Ponti Carpet 1 Carpet Dim 200 X300 4.000,00 4.000,00 


Kartell Tip Top Mono 2 Side Table By P.S. Diam. 48 H 51 (White Or Black) 172,00 344,00 

Flos Romeo Soft T1 2 Bedside Table Lamps H 67, Diam. 34 Cm 698,00 1.396,00 

Kartell La Boheme 2 Orange Stools Diam. 34xh.46 Cm 129,00 258,00 

Cattelan Valentinox 1 Consolle Dim 250 X 50 H 75cm 2.200,00 2.200,00 

Driade 

Kosmo Wells Ii E Wells Iii 2 Glass By Boris Sipek 660,00 1.320,00 

Xo Oreil Qui Voit 5 Mirror "Oreil Qui Voit" By Philippe Starck 

(Various Dimensions) 2.000,00 10.000,00 

Cattelan Carioca 1 Table " Carioca" Cattelan Andrea Lucatello 2.690,00 2.690,00 

300x120 

Cassina Caprice 1 White Leather Chair Cat. Y 909,00 909,00 



Flos Skygarden 1 2 Golden Pendant Lamps Matt Diam. 60 Cm 1.870,00 3.740,00 

- 123 -



Rooms 



Service 

Room 

Breakfast 

Room 

Kitchen 

Flou Plaza 2 Twin Bed With Adjustable Slats 2.450,00 4900,00 



Flou Adaptive 2 Dim. 100 X200 1.070,00 2140,00 


Flos Miss K 1 Table Lamp H 43.2 X Diam. 23.6 (P. Starck) 250,00 1.500,00 


Lema 1 L Wardrobe 2.00x H 260 3.000,00 3.000,00 

Driade Cugino 1 Table D=120 H 72; 1.732,00 1.732,00 

With Steel Base Painted Anthracite; 

Tempered Glass Top 12mm; E.Mari 

Driade Lago' 6 Sedie "Lagò" By P. Starck in Vari Colori 610,00 3.660,00 

1 Varenna 1 Kitchen* 14.080,00 14.080,00 

Emeco 4 Stool - H 76 Cm - Emeco Des.p.s. 1.086,00 4.344,00 

total 

€250.319,00 

* Wardrobe with leather-panelled sliding doors, oak interior, with 3 shelves, 1 chest of drawers 4 drawers, glass front, 5 coat 

hook and lights (L. 292xh. 259 cm). 

* Kitchen with glossy lacquered doors, stainless steel top, sink with 1 welded tank in the top, stainless steel back, lights, 

composed by: 1 removable sink base 60 cm, 1 dishwasher Miele, 1 oven base Foster, 1 base with two drawers ad one extractor, 

1 Miele fridge/freezer, 1 dish drainer wall unit, 1 cabinet kitchen hood, 2 cabinets with swing doors, 1 New Form mixer, 1 

Foster induction hob, 1 cutlery tray, 1 waste bins (300x60x H. 208 cm). 

- 124 -



- 125 -


- 126 -



- 127 -



Rooms 



Closet 

Small 

Kitchen 

open 

on the 

living 

Room 

Bedroom 

Bedroom 

Poliform Bangkok 1 Wardrobe with leather-panelled sliding doors, 12.612,00 12.612,00 

oak interior, with 3 shelves, 1 chest of drawers, 

4 drawers, glass front, 5 coat hook and lights 

( 292xh. 259 cm) 

Poliform Graffiti 1 Wardrobe with leather-panelled sliding doors, 8.708,00 8.708,00 

oak interior, with 3 shelves, 1 chest of drawers, 

4 drawers, glass front, 5 coat hook and lights 

(292xh. 259 cm) 

Varenna Matrix 1 Kitchen with glossy lacquered doors, 

stainless steel top, sink with 1 welded tank in the top, 17.080,00 17.080,00 

stainless steel back, lights, composed by: 

1 removable sink base 60 cm, 

1 dishwasher Miele, 1 oven base Foster, 1 base 

with two drawers ad one extractor, 

1 Miele fridge/freezer, 1 dish drainer wall unit, 

1 cabinet kitchen hood, 2 cabinets with swing doors, 

1 New Form mixer, 1 Foster induction hob, 

1 cutlery tray, 1 waste bins (300xD. 60x H. 208 cm ) 

Emeco Icon by Stark 4 Stool polished- 40x54x h. 75/106 cm 1.716,00 6.864,00 

Cassina Volage 1 King Size Bed, headboard h 190 cm, leather coating cat.O 9.530,00 9.530,00 

Cassina Romeo 2 Appliques "Romeo"for Volage 330,00 660,00 

Per Letto Volage 

Cassina Comodini 2 Crystal bedsides 33x.33XH. 57 cm 835,00 1.670,00 

per Letto Volage 

Flos Romeo Soft 1 Floor lamp mod Piantana 50 H. 160 cm 1.230,00 1.230,00 

Maxalto Sidus 1 Dark stained oak desk 110x.46 2.822,00 2.822,00 

Cassina Passion 1 Armchair with conchrome legs scotland 1.220,00 1.220,00 

quilted leather, leather shell 58x57xH.45/79 cm 

A.B.C. Gio' Ponti Carpet Carpet 300x200 cm 4.000,00 4.000,00 

1 Courtain 150x200 cm 1.008,00 1.008,00 

Cassina L22/L23 1 King Size Bed fabric coating, wired + bedsides dx e sn 4.380,00 4.380,00 

with drawers maple finish +2 "Romeo Soft" T1 by Flos 

Cassina Top 1 Maple top 1.085,00 1.085,00 

Cassina 2 Bedsides with drawers maple finish 1.085,00 2.170,00 

Cassina Romeo Soft By Flos 2 Table lamp 867 1.734,00 

Flos Romeo Soft 4 Floor Lamp diam. 50 H. 160 cm 1.230,00 4.920,00 

Fiam Caadre 1 Mirror.105XH.195 cm 2.350,00 2.350,00 

Kartell Heros 1 Chair with chrome base 62X79XH.70cm 308,00 308,00 

A.B.C. Gio' Ponti Carpets 1 Carpet 300x200 cm 4.000,00 4.000,00 

1 Courtain 150x200 cm 1.008,00 1.008,00 

- 128 -



Rooms 



Living 

Room 

Living 

Room 

Cassina Mister 1 Sofa, with feather padding and fabric, 234x104 7.502,00 7.502,00 

Cassina Mister 2 Cushion fabric 45x37 cm 340,00 680,00 

Cassina Mister 2 Cushion fabric 62x62 cm 495,00 990,00 

Cassina Passion 2 Armchair with wood legs and leather coating cat. O, 690,00 1.380,00 

58x57xH. 79 

Kartell Top top 1 Square table 130x130 cm 2.080,00 2.080,00 

Tog Saint John 6 Chair not yet in production cost indicative 1.000,00 6.000,00 

With Steel Base Painted Anthracite; 

Dedon Rayan 1 Coffe table 88x88 H. 25 cm 1.720,00 1.720,00 

Dedon Rayan 1 Coffe table 176x88 H. 25 cm 2.825,00 2.825,00 

Flos Biblioteque National 2 Floor lamp 40 h. 150 cm 1.650,00 3.300,00 

A.B.C. Gio' Ponti Carpets 1 Carpet 300x200 cm 4.000,00 4.000,00 

1 Courtain 150x200 cm 1.008,00 1.008,00 

total 

€109.311,00 

- 129 -


- 130 -



- 131 -


Bathrooms 

Rooms 

Description 

um 

n 

$UnitPrice 

$Total Price 

3 Suites 

Full 

bathrooms 

n 9 

17,667.00 158,996,00 

Half 

bathrooms 

n 2 

7,074.00 14,137.00 

Total bathrooms supply 173,000.00 

Description 

um 

n 

€UnitPrice 


Full 

Bathroom 

Globo Forty 3 Wc Wall-hung 57x36 n 1 360,00 360,00 

Globo Forty 3 Bidet Wall-hung 57x36 n 1 360,00 360,00 

Globo 

Forty 3 Wc Cover 

n 1 

128,00 128,00 

Punto Tre Furniture With Double Mirrored Cabinet n 1 3.250,00 3.250,00 

Novellini Nexis A 100x80 Hammam n 1 5.943,00 5.943,00 

Eiffelgres Floor And Wall Coating 30x60 Mq. 25 65,00 1.625,00 

Capannoli 

Sink Towels Hanger 

n 1 

79,00 79,00 

Capannoli 

Roll Holder 

n 1 

39,00 39,00 

Capannoli 

Brush Holder 

n 1 

75,00 75,00 

Capannoli 

Hanger 

n 1 

22,00 22,00 

Capannoli Bidet Towels Hanger n 1 70,00 70,00 

Geda Sink Mixer Polished Stainless n 2 312,00 624,00 

Geda Bidet Mixer Polished Stainless n 1 312,00 312,00 

Total 

Price + Vat ( 2.835,14) 15.722,14 

Half 

Bathroom 

Globo Forty 3 Wc Wall-hung 57x36 n 1 360,00 360,00 

Globo 

Forty 3 Wc Cover 

n 1 

128,00 128,00 

Punto Tre Furniture With Mirrored Cabinet n 1 2.450,00 2.450,00 

Eiffelgres Floor And Wall Coating 30x60 Mq. 25 65,00 1.625,00 

Capannoli 

Sink Towels Hanger 

n 1 

79,00 79,00 

Capannoli 

Roll Holder 

n 1 

39,00 39,00 

Capannoli 

Brush Holder 

n 1 

75,00 75,00 

Capannoli 

Hanger 

n 1 

22,00 22,00 

Capannoli Bidet Towels Hanger n 1 70,00 70,00 

Geda Sink Mixer Polished Stainless n 1 312,00 312,00 

Total 

Price + Vat ( 1.135,20) 6.295,20 

N.b. By "Full bathroom" it is considered: the complete supply of furniture, including toilet and bidet, double sink with 

suspended cabinet and mirror cabinet, shower/sauna, faucets and bathroom accessories, lighting, floor and wall coatings. 

N.b. By "Half bathroom" it is considered: the complete supply of furniture, including toilet, sink with suspended cabinet 

and mirror cabinet, faucets and bathroom accessories, lighting, floor and wall coatings. 

- 132 -


Kitchens 

Description 

n 

$UnitPrice 

$Total Price 

Complete Set Of Professional Cooking Pots 4 1,442.00 5,768.00 

Complete Set Of Professional Cooking Tools 4 1,103.00 4,412.00 

Complete Set of Plates Glasses and Silverware n. 12 pax 4 19,893.00 79,572.00 

Tablecloths and napkins n. 12 pax 8 630.00 5,040.00 

T otal kitchen items supply 

94,792.00 

Firm 

Code Description q 

€Price 

Sambonet 

Lagostina 

R.Ginori 

Baccarat 

Sambonet 

Love Tiffani 

Menù 

battery pots 23 pcs 1 

1.283,00 

I Cucinieri set 67 pcs kitchenware 1 982,00 

Giò Ponti service plates 53 pcs 1 4.285,00 

"Catena o Labirinto" coffee service 15 pcs 1 1.807,00 

the 

service 15 pcs 1 

1.949,00 

Vega 1365102 water glass 12 1.560,00 

Vega 1365103 wine glass 12 1.560,00 

Vega 1365109 flut 12 1.560,00 

Giò Ponti silverplated flatware 75 pcs 1 3.097,90 

table 

fork 

12 

418,80 

teaspoon mocha 12 

250,80 

fish fork 

12 

418,80 

fish knife 

12 

418,80 

dessert 

fork 

12 

378,00 

Country Cream 8826635 tableclot cm.175x280 2 320,00 

towel 

24 

240,00 

Total € 20.529,10 

- 133 -


Bedrooms and Bath Linens 

Rooms 

Description 

um 

q 

$UnitPrice 

$Total Price 

Executive 

suite (4 pax) 

Garden 

suite (6 pax) 

Ambassador 

suite (5 pax) 

N.B. 

3 Suites 

N.B. 

Spa and gym 

Complete 

Set King Size Bed 

n 3 

1,170.00 3,510.00 

Complete 

Set Twin size Bed 

n 6 

867.00 5,202.00 

Complete 


n 6 

1,170.00 7,020.00 

Complete 


n 6 

867.00 5,202.00 

Complete 


n 6 

1,170.00 7,020.00 

Complete 


n 3 

867.00 2,601.00 

The Complete sets include: bed sheets, pillow cases, duvet covers, duvets 100% goose feathers cushions in 100% goose feathers. 

Complete set of personalized bathroom towels n 30 377.00 11,310.00 

The complete Bathroom sets include: Personalized Bathroom towels in Natural Sponge. 

Complete Set Wellness Towels n 30 

75.00 2,250.00 

Total 

bed linen supply 

49,317.00 

Description 

um 

q 

€UnitPrice 


Executive 

Suite 

Garden 

Suite 

1 King size Bed 

Top sheet 

2 

158,00 316,00 

Bottom fitted sheet 

2 

103,00 206,00 

Pillow cases 

8 

45,00 360,00 

Duvet 

cover 

2 

250,00 500,00 

Duvet 100% goosedown gr. 100/mq cm. 250x215 1 238,00 238,00 

Pillow cases 100% goosedown 

4 

28,00 112,00 

2 Single Beds 

Top sheet 

4 

120,00 480,00 


4 

66,00 264,00 

Pillow cases 

8 

45,00 360,00 

Duvet 

cover 

4 

190,00 760,00 



4 

28,00 112,00 

2 King Size Beds 

Top sheet 

4 

158,00 632,00 


4 

103,00 412,00 

Pillow cases 

16 

45,00 720,00 

Duvet 

cover 

4 

250,00 1.000,00 



8 

28,00 224,00 

- 134 -


Rooms 

Description 

q 

€UnitPrice 


Garden 

Suite 

Ambassador 

Suite 

2 Single Beds 

Top sheet 

4 

120.00 480,00 


4 

66.00 264,00 

Pillow cases 

8 

45.00 360,00 

Duvet 

cover 

4 

190.00 760,00 



4 

28,00 112,00 

2 King size Beds 

Top 

sheet 

4 

158,00 632,00 


4 

103,00 412,00 

Pillow cases 

16 

45,00 720,00 

Duvet 

cover 

4 

250,00 1.000,00 


Pillow cases 100% goosedown 8 28,00 224,00 

1 Single Bed 

Top sheet 

2 

120,00 240,00 


2 

66,00 132,00 

Pillow cases 

4 

45,00 180,00 

Duvet 

cover 

2 

190,00 380,00 



2 

28,00 56,00 

Bathrooms 

Spa and Gym 

White terry cloth towel cm. 150x130 30 43,00 1.290,00 

White terry cloth towel cm. 110x60 30 28,00 840,00 


White terry cloth towel cm. 30x30 (face towel) 30 9,00 270,00 

White terry cloth bath mat cm. 60x90 15 50,00 750,00 

White terry cloth bathrobe size L 15 95,00 1.425,00 

White terry cloth bathrobe size M 15 95,00 1.425,00 

Spa x 9 


White 

towels cm. 70x40 

18 

18,00 324,00 

Lavette 

towels 30x30 

18 

9,00 162,00 

Spa x 6 

White 

towels. 150x100 

12 

40,00 480,00 


White terry cloth towel cm. 30x30 (face towel) 12 9,00 108,00 

Total 

€ 

22.885,00 

- 135 -


Gym Equipment 

Rooms 

Description 

um 

q 

$Total Price 

Executive and Ambassador suite 

C omplete Gym Furniture 

mq 55 

70,348.00 

Garden suite 

C omplete Gym Furniture 

mq 36 

47,905.00 

T otal gym supply 

118,253.00 

€ Total Price 

Executive 

and 

Ambassador 

Suite 

T echnoGym Treadmill Standard 

n. 1 

Cardio Line 16.240,00 

TechnoGym Vario Standard n. 1 Cardio Line 11.990,00 

TechnoGym Recline n. 1 Cardio Line 7.890,00 

Technogym Rubber Mat n. 4 Strength Line 120,00 

Technogym Plurima Wall n. 1 Strength Line 10.490,00 

Technogym Crunch Bench n. 1 Strength Line 1.040,00 

Technogym Adjustable Bench n. 1 Strength Line 750,00 

Technogym Rack n. 1 Strength Line 590,00 

T otal Items 

50.360,00 

D elivery and Installation 

971,12 

Total 

+ vat 

62.623,97 

Garden 

Suite 

Technogym Run machine 700 

n. 1 


Technogym Recline 700 

n. 1 


Technogym Cross 700 

n. 1 


Technogym Rubber Mat 

n. 1 

Strength Line 30,00 

Technogym Wellness Rack 

n. 1 

Strength Line 560,00 

Vision Kinesis Vision 

n. 1 

Kinesis 8.056,00 

Total 

Items 

33.609,00 

Delivery and Installation 

1.325,91 

Total 

+ vat 

42.644,99 

- 136 -


Wellness and Spa 

Description 

um 

q 

$Unit Price 

$Total Price 

Executive and Ambassador suite 

m q 38 

Beauty Bed 

2 

5,043.00 10,089.00 

Garden suite 

m q 36 

Beauty Bed 

2 

5,043.00 10,089.00 

T otal spa supply 

20,178.00 

N.B. 

The selected beauty beds, model Gemya EVO brand Lemi Starpool, have been chosen for their pleasing aspect considering 

their use of a suite. 

- 137 -


Common Space 

Description 

um 

q 

$Total Price 

Pool Table Restaldi Mod. Palatino 

For American Pool (254x127cm) n. 1 10,561.00 

T heater seatings 

n. 15 

9,570.00 

T otal 

20,131.00 

Pool Table Details 

Pool Table Restaldi Mod. Palatino For American Pool 100% Made In Italy Game Lamp Cm 254x127, 

For Competitions Total Measurments - Cm 289x162 - 9’ft - Wood Color At Your Choice - 

Custom (Customized Pool Tables) Grinding Centesimal Game Plan - Unique In The World 

Game utilities included: (Pictures on: www.giochi.restaldi.com). 

1 Pool cues holder, same color. 

4 Pool cues 

1 Pebbles set Pool Aramith S. diam. Mm. 57,2 

1 Wood triangle 

1 box of chalks. Six cubes 

1 Bridge 

1Brush 

1 Pool table cover 

Total 9.400,00 

€Unit Price 


Theater details 

S eat Holly 1 

n. 20 

251,90 5.038,00 

Straight 

Armrest Holly 2 

n 25 

72,60 1.815,00 

Magazine 

Rack Holly 4 

n 10 

15,80 158,00 

Total 

7.011,00 

Discount 

- 361,00 

Transportation Costs 

332,00 

Total 

6.982,00 

- 138 -


Tv’s 

Rooms 

Description 

um 

q 

$Unit Price 

$Total Price 

Executive 

Suite 

Garden 

Suite 

Ambassador 

Suite 

Smart tv 55” mod. Samsung Smart TV - 55h6670szxzt n. 2 1,488.00 2,976.00 

Smart tv 85” mod. Samsung - Qm85d monitor led 85” lh85qmdplgc/en n. 1 12,012.00 12,012.00 

Smart tv 55” mod. Samsung Smart TV - 55h6670szxzt n. 2 1,488.00 2,976.00 

Specchio Cadre TV / Televisore - 

Schermo lcd 42” sony integrato - 155 x 140 cm - fiam n. 1 7,666.00 7,666.00 

Smart tv 85” mod. Samsung qm85d monitor led 85” lh85qmdplgc/en n. 1 12,012.00 12,012.00 

Smart 

tv 55” mod. Samsung smart tv - 55h6670szxzt 

n. 1 

1,488.00 1,488.00 

Specchio caadre tv / televisore - schermo lcd 42” sony integrato - n. 2 7,666.00 15,332.00 

155 x 140 cm - fiam 

Smart tv 85” mod. Samsung qm85d monitor led 85” lh85qmdplgc/en n. 1 12,012.00 12,012.00 

Total TV's supply 66,474.00 

- 139 -


Landscape Design 

Rooms 

Description 

um 

n 

$Total Price 

Garden 

Suite 

Ambassador 

Suite 

Rooftop 

Fully furnished garden, with construction of a sophisticated mq 200 

140,445.00 

and appropriate intervention of landscape green design. 

Complete 

terrace 1 furniture 

mq 37 

34,403.00 

Complete 

terrace 1 furniture 

mq 9 

12,191.00 

Complete 

Rooftop furniture 

mq 90 

80,934.00 

Ambassador Terrace 1 

Total 

landscape supply 

267,973.00 

The complete landscape design furniture includes: plants shrubs and garden irrigation system. 

The complete garden furniture includes the following elements: tall trees, furniture and garden irrigation system. 

Description Code q €UnitPrice €Total Price 

Complementary Furnishing 

Tuscan Terracotta Vases terraetrusca 70 9 299,00 2.691,00 

Tuscan Terracotta Vases terraetrusca 82 5 299,00 1.495,00 

Tuscan Terracotta Cones terraetrusca 0,75 5 383,00 1.915,00 

Soil for pot 80 lt. 55 9,00 495,00 

Expanded 

clay 

big 

8 

14,00 112,00 

Toothsie 

in terracotta 

terraetrusca 

76 

3,00 228,00 

Total 

6.936,00 

Plants 

Eugenia 

M. Newport 

Ø 32 

18 

65,00 1.170,00 

Punica 

G. Wonderful 

Ø 62 

2 

850,00 1.700,00 

Citrus 

L. 4 Seasons 

Ø 62 

3 

420,00 1.260,00 

Mediterranean plants* 

Ø 30 

5 

35,00 175,00 

Battery irrigation system Price-to-hand 1 2.000,00 2.000,00 

Total 

6.305,00 

Furnishing Elements 

Table 

armchairs 

Metal 

9 

195,00 1.755,00 

Patio umbrella 4x3 Lateral support 1 1.900,00 1.900,00 

salotto 

Wicker L. 

1 

5.600,00 5.600,00 

Chaise 

longue 

Metal 

2 

370,00 740,00 

* Lavandula, Helichrysum, Rosmarino, Salvia 

Total 9.995,00 

- 140 -




$Total Price 


Total 

supplies 

23.236,00 

Carriages 

800,00 

Manpower 

3.980,00 

Lighting 

2.600,00 

Total 

Terrace Ambassador 1 

30.616,00 



Tuscan Terracotta Vases terraetrusca 77 2 299,00 598,00 

Tuscan Terracotta Vases terraetrusca 37H 2 310,00 620,00 

Tuscan Terracotta Cones terraetrusca 0,75 3 383,00 1.149,00 

Soil 

80 Lt. 

24 

9,00 216,00 

expanded 

clay 

big 

3 

14,00 42,00 

T oothsie in Terracotta 

terraetrusca 

28 

3,00 84,00 

Total 

2.709,00 


Phillostachys. 

X Bamboo Ø 32 

4 

65,00 260,00 

Abelia 

G. 

Ø 24 

2 

30,00 60,00 

Mediterranean plants 

Ø 30 

3 

35,00 105,00 

Battery Irrigation System Price-to-Hand 1 900,00 900,00 

Total 1.325,00 


armchair 

58 

metal 

3 

195,00 585,00 

Patio Umbrella 3x3 retractable lateral support 1 1.900,00 1.900,00 

Round 

table metal 

1 

960,00 960,00 

chaise 

longue 

metal 

1 

370,00 370,00 

Total 3.815,00 

Total supplies 7.849,00 

Carriages 400,00 

Manpower 1.800,00 

Lighting 800,00 

Total 

Terrace Ambassador 2 

10.849,00 

- 141 -



Common Rooftop Terrace 



Tuscan Terracotta Vases Terraetrusca 77 26 285,00 7.410,00 

Tuscan Terracotta Vases Terraetrusca 90H 3 310,00 930,00 

Tuscan Terracotta Vases Terraetrusca 90 3 269,00 807,00 

Tuscan Terracotta Cones Terraetrusca 0,75 8 383,00 3.064,00 

Border 

Vases 

Terracotta 60 

8 

399,00 3.192,00 

Soil 

for pot 80 Lt. 

160 

9,00 1.440,00 

Expanded 

clay 

big 

20 

14,00 280,00 

Toothsie in terracotta terraetrusca 170 3,00 340,00 

Total 

17.463,00 


Phyllostachys 

X. Bamboo Ø 60 

16 

65,00 1.040,00 

Punica 

G. Wonderful 

Ø 62 

1 

850,00 850,00 

Citurs 

L. 4 Seasons 

Ø 62 

4 

420,00 1.680,00 

Mediterranean Plants 

Ø 30 

8 

35,00 280,00 

Viburnum Lucidum T. 

Ø 30 

20 

48,00 960,00 

Eugenia 

M. Newport 

Ø 32 

36 

65,00 2.340,00 

Battery Irrigation System Price-to-hand 1 2.800,00 2.800,00 

Total 

9.950,00 


Table 

Armchairs 58 

metal 

9 

195,00 1.755,00 

tavoli 

ovali 

metal 

3 

946,00 2.838,00 

Patio Umbrella 3,5 x 7,0 V lateral Side Support 1 3.650,00 3.650,00 

Patio Umbrella 4,0 X 8,0 V lateral Side Support 1 4.150,00 4.150,00 

sofa 

rattan 

1 

2.800,00 2.800,00 

sofa 

Wicker L. 

1 

5.600,00 5.600,00 

Table 

metal 

1 

6.250,00 6.250,00 

Table 

Armchairs 58 

metal 

14 

195,00 2.730,00 

chaise 

longue 

metal 

2 

370,00 740,00 

Total 

30.513,00 

Total supplies 57.926,00 

Carriages 1.200,00 

Manpower 8.300,00 

Ligthing 4.600,00 

Total common Terrace 72.026,00 

- 142 -

tropp 

refurbishment project 


Garden 



Flooring cubes porfyry 10x 

finished in Trani stone Porfyry 10X 135,00 18.900,00 

Tuscan Terracotta Vases terracotta 90 14 310,00 4.340,00 

Tuscan Terracotta Cones terracotta h 0,75 6 383,00 2.298,00 

Tuscan Terracotta Vases terracotta 60 48 399,00 19.152,00 

S lio 

tl05liosdica 

09 

9,00 810,00 

S lio 

s flio o pr 8to .tl0 

06 

9,00 540,00 

L aolip 

06,0 ollipaL m .cluV 4 

90,00 360,00 

W usn 

51Ø 

61 

18,00 288,00 

Battery irrigation System Price-to-hand 1 2.800,00 2.800,00 

edoo 


Camellia J. Mrs Tingley For partition Pot Ø 46 14 280,00 3.920,00 

Tlla 

S serh 

m 

P Øto 06ØtoP 

61 

600,00 9.600,00 

Pieris Forrest Flame Pot Ø 62 16 160,00 2.560,00 

Camellia J. Debutante Pot Ø 62 20 450,00 9.000,00 

Azalea J. Blue Danube Pot Ø 46 12 380,00 4.560,00 

latoT 29.640,00 


Patio umbrella 4x4 lateral support 4 1.900,00 7.600,00 

hcuoC rekciW 

3 

4.500,00 13.500,00 

aT lb 8 lp e secalp8elbaT ateMl ollateM 

1 

2.900,00 2.900,00 

Table armchairs 58 Metallo 8 195,00 1.560,00 

latoT 25.560,00 

0, 84.94 latoT 

Total supplies 401 .6 0, 86.401 

Carriages ,06.1 0, 06.1 

Manpower 9 5. ,0 0, 05.9 

R rotse ita o w ork n krownoitarotseR 3.200,00 

Ligthing , 00.6 

0, 0.6 

Total Garden 0, 89.421 

In addition, on request, we can predict the predisposition for a future installation of a HiFi sound system global and also in 

its implementation. In this case we would be ready to submit a project with its budget. 

-143 -


-144 -


VII 

The Team 

-145 -

Description

the team 

The overall development of the Palazzetto’s business plan was a collaboration of the following experts in their field. Our global 

team’s vision is built from American and European customs. 

Professional Team in Italy 

A qualified team in Rome has been already identified to support the activity of the Company: 

appraiser 

Mr. Ivan Mammucari is of the most important professional appraisers in the whole region of Rome. 

He has more than 33 years of experience as an appraiser. Beginning in 1996, he started his own appraisal company, signing 

more than 180 appraisers for the Italian Court in Rome. 

He has been appointed as a preferred appraiser for the Italian Court in Rome, and as such his appraisals are validated. 

For your reference, the appraisal is at page 100 of the Business Plan. 

Mr. Simone D’Ambrosi and Sintema Servizi and Associates: CPAs firm working in Rome since 2000, is 

formed by highly skilled professionals and employees having a long-time experience in accounting and tax matters, legal 

and commercial support, providing services from a pool of attorneys, notaries, payroll consultants and condominium management 

experts. Grand Hotel Parco dei Principi in Rome is one of their clients. 

Mrs. Emanuela Perozzi, 15 years of experience as executive assistant in several important Italian law 

firms. She will be one of the operative managers at the office, working directly with the booking company in Los Angeles. 

- 148 -

the team 

Professional Team in United States 

Cantera and Associates Inc. CPA 

Both Privilege Privacy Prestige LLP and P.P.P Partnership are located at 2300 Coral Way, Miami. FL, 33145 at Cantera and 

Associates Inc office. 

Cantera and Associates Inc is one of the most prestigious accounting firm in Miami. It was established in Miami October 

1961, now employs a staff of approximately 20 people. 

Mrs. Vivian Williams is the CEO of Cantera & Associates. As the fourth generation leading the accounting firm together 

with her mother, Amada Lopez-Cantera, she has expanded the original client base of the local Hispanic family businesses 

to include large multinational and international clients. She has been a member of the South Florida Hispanic Chamber of 

Commerce and is active in local charities such as Centro Mater, American Cancer Society and Big Brothers Big Sisters of 

Miami and serves on the board of the US Cuba Democracy PAC and The Baptist Health Foundation. 

Bernhard Law Firm PLLC by Mr. Andrew J. Bernhard 

In recognition for his work, Super Lawyers Magazine designated Andrew as a Rising Star, which is awarded to less than 

2.5% of Florida lawyers. Bernhard Law Firm is a litigation and transactions law firm. Bernhard Law Firm manages trials 

and appeals in business and financial disputes, and organizes international real estate and finance deals for investment 

groups. Bernhard Law Firm concentrates on complex fraud litigation, business and finance disputes, and consumer claims. 

Bernhard Law Firm represents corporations and individuals in connection with banking, contract, investment, and 

property matters. 

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who’s’ 

who

the team 

Italian Unit Manager 

Mr. Francesco Fidenzoni 

• Bachelor’s degree in law; 

• Military service in the Air Force; 

• Excellent organisational/managerial skills; 

• Expert in communication and internal relations; 

Main Work Experiences: 

2013-2015: He worked as Chief Executive for the Internal Communication supporting the company during the reorganization 

of the security sector at work. He optimized the quality of service provided, the reconstruction of the intranet 

section dedicated to the security sector at work, redefinition of the composition of the emergency teams and the method 

of delivery of the training courses. 

2008-2013 

He worked as Chief Executive responsible for Internal Communication for a Company that supplies air traffic control 

services. 

February 2007 

He worked at the communication strategy and implementation of the planned activities for Techno SKY. He was supporting 

the Commercial Development and the International Business Function in every aspect of communication, guaranteeing 

the uniformity of the corporate image.From March 2001: He has been the Head of Marketing and Innovation for 

Ancitel, following the realization of strategic communication initiatives for local development. He also had the responsibility 

of the company intranet site and to treat the development of the portal of local governments on behalf of ANCI. 

1990 - 2000 

He worked In Telecom Italian as Project Manager of Communication and Development of the corporate images. 

Community Caring: 

Mr. Fidenzoni spent almost twenty years in Scouting, assuming the role of head teacher for over ten years with children 

of different ages (8/12 and 16/19). 

He is still active in fund raising for two non-profit organizations.

the team 

Auditor 

Mr. Simone D’Ambrosi 

November 1989: Graduated cum laude in Business Administration at the “Libera Università degli Studi Sociali” (L.U.I.S.S.) 

of Rome. 

January 1990 – July 1993: Professional activity at the Locatelli – Della Chiesa accounting firm at Via Sardegna 50, 

Rome, first as a trainee and then as an associate. During this period, Mr. D’ Ambrosi dealt with problems concerning tax, 

corporate, and commercial issues for medium-sized to large businesses. 

In regard to appraisals, he participated actively in the appraisal of companies and company divisions, even large companies 

(Lloyd’s International Insurance Company S.p.A. / Division of B.P. Italy S.p.A.). Together with the heads of the firm, he 

also provided assistance for extraordinary transactions such as conversions, mergers, and winding-up of medium-sized 

companies. 

From October 1990 to June 1991 he participated in the Specialization Course in Tax Law and Company Tax Accounting 

at the School of Management of the Free International University of Social Sciences; 

From February 1992 to September 1992 he participated in the training course on “International Tax Law” at the School of 

Political Sciences of La Sapienza University in Rome; 

Since July 1993 he heads his own firm in Rome, first at Via Romeo Romei 23, then at Via M. Ficino 5, later at Via 

G.B. Martini 6, and currently at Via di Villa Ada 10, with a client base including commercial and industrial companies for 

which he provides tax and corporate consulting; for some companies he also provides administrative assistance. In the course 

of his own activity, he continues his cooperation with the Locatelli – Della Chiesa firm, concentrating specifically on widely 

relevant issues such as expert appraisals, specific corporate transactions, and consulting regarding specific transactions. 

He periodically acts as a legal consultant in procedures that concern companies that are his clients. 

He has engaged in appraisals for Cassa di Risparmio di Viterbo (Intesa Banking Group). 

He has worked for the magazine La Società, published by Ipsoa Publishing; 

In the year 1994 he attended the training course for bankruptcy administrators organized by the Association of Graduate 

Accountants of Rome – Training School for Bankruptcy Administrators. 

From November 9 to December 7, 1999, he participated in the Seminar organized by the Bar Association of Rome, 

the Association of Graduate Accountants of Rome, and the Engineers’ Association of the Province of Rome in cooperation 

with the Chairman of the Court of Rome on “Technical Consultancy in Civil Proceedings”. 

He is a member of the Association of Graduate Accountants and Expert Accountants of Rome since March 10, 

1992 (Registration number AA_003761) 

He is a member of the Board of Statutory Auditors, holding membership number 66295 (Ministerial Decree of 

July 26, 1995 – published in the Official Journal, 4th special series of August 1, 1995, no. 59 bis). 

He is a member of the Board of Court-Appointed Expert Witnesses - Civil Section of the Court of Rome since February 

10, 2000. 

He is a member of the Board of Court-Appointed Expert Witnesses - Penal Section of the Court of Rome since 

December 6, 2001. 

In 2001, with his colleague Mr. Mario Mastrantoni of Viterbo, he founded “Sintema Servizi” S.r.l. (L.L.C.), a company 

still in operation, founded in order to process accounting data and provide a wide range of business services, which 

numbers various clients, including notably Allergan S.p.a., a company active in the pharmaceutical sector, for which it has 

undertaken the activity of managing its national network of commercial agents on an outsourcing basis. 

At this form, he works in a team with payroll accountants and lawyers. 

He is also a member of the Board of Auditors of the Fioranello Real Estate S.p.A. company, with its headquarters 

in Rome at Le Falcognane (company capital: 5,390,000,000 euro). 

He has held the office of member of the Board of Auditors of the following companies: 

Techim S.r.l. (L.L.C.); Ecocentro S.p.A.; Erica Ceramics S.p.A. and Erica S.p.A.; Gruppo Tre S S.p.A.; C.T.C. S.r.l. (L.L.C.); 

Nepesina S.p.A.

the team 

Auditor 

Mr. Marco De Paolis 

Degree in Economics and Business Administration at the “Libera Università degli Studi Sociali” (L.U.I.S.S.) of Rome. 

From December 2008 until today: Self-employed professional accountant property administrator. 

Consultant accountant, accounting, financial statements, and in general all tax obligations, asset management and real 

estate consulting, labour consultancy, at “Sintema Servizi” S.r.l. 

Property administrator, although the exercise of administration condominiums was already covered by the qualification 

of chartered accountant, in view of the specific legal obligations regarding periodic training, established in the recent 

communal reform, from 2014 registered at n° 4989 of the Anaci (National Association of Condominium and Real Estate 

Managers), and auditor of the same association, province of Rome. 

From December 2008 until September 2014: Administration and management control of a group of four companies 

and two non-profit associations active in the field of insurance mediation, TemaA S.r.l., Previasme S.r.l. PreviaServizi 

S.r.l. Assomedico and Fondazione Previasme maintaining multiannual relations with the supplementary insurance agency 

of Galeno physicians. 

From November 1992 until September 2008: In Ecocentro S.p.A. (Level of turnover 15.000.000 euro and 60 employees). 

Administrative Director and financial controller controlled starting from 1993 and until 2000 by the American multinational 

group Waste Management, (Level of turnover 15.000.000 euro and 60 employees), with the qualification of manager 

from 1994. 

As part of this work experience, he performed the following: 

• Preparation of the budget - reporting; 

• Control and coordination of the billing offices, general accounting, suppliers and debt recovery, formed by five people; 

• Preparation of financial statements and tax returns; 

• Relationship management with attorneys, Credit institutions, Italian Revenue Agency, legal auditing company, Board of 

Statutory Auditors and its parent company; 

• Human resources management and labour relations advisors for the preparation of payroll; 

• Organized and implemented a basic administrative structure adapted to the multinational standards, in terms of performances 

and procedures; 

• Coordinated two conversions of accounting and reporting programs (JDEdwards and Team System - Range) and a man 

agerial program (Ecosoft). 

From December 1990 until September 1992: Collaborator at professional firms of Accountants. 

In this experience, he delved into fiscal issues, and some extraordinary operations such as mergers and corporate contributions. 

From October 1988 until November 1990: Independent Auditors, Deloitte & Touche. 

In this experience in the field of auditing, he reached full working autonomy. 

Qualifications obtained: 

Qualification as a Chartered Accountant, collegiate in Rome with registration in the national register since 13 June 1989. 

Auditor registered according to the Decree of the Ministry of Justice of 12 April 1995. 

Other positions: 

From the 10/09/2002 until September 2007, he was appointed by the Ministry of economy and finance as Chairman of the 

Board of Auditors of the scholastic geographical area n° 41 of the Lazio Region, province of Rome. 

From 2015 until today Statutory Auditor of the Finworld S.p.A. 

From 2013 until today Statutory Auditor of the Olimpia Agency S.p.A. 

From 2014 until today Auditor of the National Association of Condominium managers 

From 2010 until today Statutory Auditor of the Gabriele Sandri Foundation. 

From the 2008 until 2010 Statutory Auditor at Erica S.p.A.

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PPP Business Plan 09 03

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