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Ref Galatone The development company specialises
in the restoration of period properties. Galatone, with a rich production of olive oil and honey, has some fascinating examples of Baroque architecture in the historic centre. It is an area full of antique “trullis”. There are lots of underground oil mills and churches scattered around the old town. In the surrounding countryside there are some interesting old farmhouses. The Project : Albergo Diffuso Just completed is the entire renovation of one of the properties: Palazzo Barocco Carata-De Ferrariis (1500-1800) to be managed as an apartment hotel complex- "Albergo Diffuso" together with other period properties within the historic centre. The project consists of two phases. The first relates to the development of the old town of Galatone the second to the development of the surrounding area and the coastal marine area. The first phase is committed to developing the crumbling antique properties scattered around the old town and turning them into four/five star holiday homes, managed by one central reception based in one of the properties. In this case the reception is now on the ground floor of the Carata de Ferrariis building with its 16th century courtyard, located where the original antique town centre was. There are plans to move the reception in the near future to the Palazzo Marchesale Belmonte Pignatelli (where restoration work is under way and due for early completion). It is very near to the Carata-de-Ferrariis building. The town council will make some areas available both inside and out of the Palazzo Marchesale for use by the project, making it an ideal place for conferences as well as musical or cultural events. The reception in Palazzo Carata-De Ferrariis in such cases would be used as bar/hall as well as the courtyard(1500). During the developmental phase of the historic centre the total guest capacity will be brought up to 300. Next May the Church of Crociffisso (another beautiful example of Baroque art), which overlooks the Palazzo Marchesale will be turned over for use to teh company, completely restored. Currently, with the Palazzo Carata-De Ferrariis and other historic residences there is a total guest capacity of 52 shared between 8 separate apartments of different sizes, but all with the same characteristics, completely renovated and furnished with elegance and taste. Current prices for overnight stay are promotional as we are only functioning as self catering holiday apartments whilst awaiting “Albergo Diffuso” classification by Lecce Council meanwhile the company is an associate of the Italian Association of the Alberghi Diffusi (A.D.I.). Galatone Galatone was chosen for the project because of the natural and tourist attraction of the area. Another plus point for this area is that the climate is wonderful. The historic centre is circular, just outside this area there is a large open space which is currently used for parking and the market. The Town council will make another area available which will double the amount of space. For the moment the original area will continue to house the market as well as cultural events. It will also provide parking - guests can leave the cars to explore the old town or go shopping on foot or by bike, these will be available at the car park, or they could take the shuttle bus to the beach which will also leave from there. The old town already has banks, shops, bars, pharmacies and restaurants so the idea to transform it in to a reception area for tourists as well as a commercial centre came naturally. Some shops, which are at present closed, could re-open to become part of the finishing touches for the completion of this project. Shops to sell traditional, handmade and/or local products as well as shops for Italy’s famous designer clothes industry. Guests will be collected at the airport in Brindisi and will be taken to the parking area before being transferred to their accommodation by mini bus. The Town council has already received financing to complete the repaving of the historic centre in traditional stone. Work has already started on this. The council will be appointing an international hotel management team to manage the accommodation and conference side of the albergo diffuso in the wonderful Palazzo Marchesale Belmonte Pignatelli. The newly renovated Villagio S.Rita is already ready in part (3km from the old town and 2.5kmm from the sea still in part under renovation) as well as the beautiful coastal area of Galatone, to set up a health farm with hydrotherapy, thalassotherapy, convalescence, spa, riding therapy and equestrian centre. The second phase of the project which will deal with the surrounding area will also include the restoration of the Castello di Fulcignano and the area near it including the farmhouses and the ancient trullis ( Furnieddi or paghiare as they are known locally).
Three of the apartments, Il Geranio, La Verbena and Il Giacinto, are offered for sale under the following sale agreement. The offer to interested investors is of purchase of the apartments completed renovated and already on the national and international market for de luxe holiday homes. They have a combined annual income of 11% simultaneously guaranteed by Le Max World s.r.l. the revenue can be broken down thus. 5% comes from annual recapitalization of high quality historical property (period 1500-1800) completely restored and furnished. While the other 6% is the annual rental income from the said properties. The rental revenue will increase as the project grows. When the guest capacity reaches 300 and the complex is being run by an international tour operator an income of between 8-9% is forecast. Operational process:
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