The property is in the Italian town of Cortina d'Ampezzo, which is scheduled to stage the alpine skiing, bobsleigh, luge, skeleton, curling and biathlon events at the Games.

It features 132 rooms and was bought alongside its sister property, Savoia Palace, by the Italian fund management company for €70 million (£59.8 million/$79 million) in anticipation of the quadrennial event.

The iconic venues are set to undergo a repositioning and rebranding in line with the fund's strategic objectives to attract a new generation of visitors, besides its typically older high-end guests, with the help of the 2026 Games.

The duo will still be led by the existing general manager Rosanna Conti, who is a native of the area and has managed both venues for over a decade.

Both properties underwent an extensive $10 million (£7.5 million/€8.8 million) refurbishment over a span of two years, which concluded in 2020.

The 2026 Winter Olympics are scheduled to take place from February 6 to 22 2026.

It is set to be the fourth Olympic Games hosted in Italy following Cortina d'Ampezzo 1956, Rome 1960 and Turin 2006.

Following the Olympics are the Paralympics, due to begin on March 6 and end on March 15.