A joint venture involving the Canada Pension Plan Investment Board is investing in a hotel in Rome.

The acquisition of the W Rome is part of a joint venture between the CPPIB and Hamilton Pyramid Europe, a subsidiary of the Pyramid Global Hospitality Group. The luxury hotel, which will continue to operate under the W banner, is located in the Italian capital’s Ludovisi district. It offers guests access to a rooftop bar, restaurant and lounge area, several food and beverage outlets, a gym and meeting spaces.

The partnership, announced in August, aims to acquire operating hotels in European gateway cities and resort destinations. The CPPIB has committed €475 million (about $624 million) to the venture, while its partner has committed €25 million (about $32 million).

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“Rome has historically been a top destination globally for both leisure and business travel and we believe this will continue to be the case for decades to come,” said Andrea Orlandi, managing director and head of European real estate at the CPPIB, in a press release. “The acquisition of the W Rome positions our joint venture with Hamilton Pyramid Europe well to capitalize on the continued strength of Rome as a travel destination.”

In other investment news, an investor group led by the Healthcare of Ontario Pension Plan and Bedford Capital has signed a definitive agreement to sell Edmonton-based Champion Petfoods to Ontario-based Mars Petcare Inc.

Champion, which manufactures dry food products in Canada and the U.S., is best-known for its Acana and Orijen brands. It was acquired by the investment group in 2013. Following the transaction, Champion’s brands will join a long list of brands sold by Mars Petcare, including Cesar, Pedigree, Royal Canin and Whiskas.

The transaction is expected to close in the first half of 2023. According to a press release, it will broaden Champion’s offering within the pet specialty and independent retail segments, as well as through digital commerce channels.

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