The property, which is located in the Dolomites, is planned to undergo a large-scale renovation next year and is due to reopen as a Mandarin Oriental resort in 2025 - the first alpine resort for the Group.

The Menardi family built the hotel in 1901 and it later became a popular ski destination in the 1930s, before entering a "golden era" following the 1956 Olympic Games with royals and celebrities, such as Peter Sellers and Frank Sinatra, visiting.

The hotel was also chosen as a backdrop to several award-winning films.

Attestor Limited, who also own Mandarin Oriental, Lago di Como, bought the property in 2021 and the renovation programme is expected to see a new extension, created by award-winning architects Herzog and deMeuron as well as other features such as 83 guestrooms, various restaurants and bars and areas for entertainment and events.

A spa and wellness facility, which includes a swimming pool that stretches from inside to outside the building, is also set to open to the public.

"We are excited to be restoring this famous property to its former glory in advance of the 2026 Milano Cortina Winter Olympics, while also creating a unique sense of modern luxury for international travellers," David Alhadeff, a partner of Attestor Limited, said.

"Following our successful partnership on Lake Como, we are pleased to add an iconic Italian asset to our collaboration with Mandarin Oriental and look forward to creating an Alpine landmark."