A recent investigation by the Italian news outlet Roma Today explores how American investment funds are playing an increasingly visible role in Rome’s real estate market, from luxury hotels and historic buildings to logistics hubs and student housing.
Today, more than 6 million square meters across nearly 3,000 properties in the capital are managed by real estate funds and investment companies. Almost half of the capital invested in these assets comes from foreign investors, and American firms represent the largest share, with holdings estimated at several billion euros.
One of the biggest players is Blackstone, the global financial group founded in 1985, which manages more than $1 trillion in assets. In Italy, Blackstone operates largely through Kryalos Sgr, in which it holds a 35% stake. Kryalos has managed major redevelopment projects in Rome, including buildings between Via del Tritone and Via dei Due Macelli, acquired in 2019 and later repositioned for higher-value uses. Through the Virtus Kryalos fund, it also acquired Palazzo Mancini on Via del Corso, an 8,000-square-meter 17th-century building later sold for more than €130 million. In 2018, Kryalos purchased Palazzo Sturzo in the EUR district for €50 million.
Hines, the Texas-based real estate group founded in 1957, is another major American name in Rome. Its most prominent project is the redevelopment of the former Mercati Generali on Via Ostiense. The private investment exceeds €380 million and covers more than five hectares, with high-end student housing, green areas, services, retail spaces, underground parking, and more than 2,000 student beds. The concession runs for 60 years, after which the assets are expected to return to the city.
King Street Capital Management, a U.S. hedge fund managing more than $25 billion, entered Italy through Rome in 2017 by acquiring two properties later transformed into the W Rome Marriott. It has also invested €400 million in Room00, a hospitality platform active in Southern Europe. More recently, with Kryalos, King Street launched Fondo Domo for student housing, starting with projects in Milan and Padua totaling 880 beds.
Other American-linked investors are also active. Oaktree invested €135 million in the former Grand Hotel on Via Veneto for the Nobu Hotel, while Apollo Global Management acquired 68 properties in Rome and Milan from Enpam for €842 million.
Together, these operations show how U.S. capital is becoming a defining force in Rome’s urban transformation.
