The Renaissance-era Palazzo della Rovere is about a three-minute walk from St. Peter’s Basilica and features a turret, a grand courtyard, and frescoes by Pinturicchio on the main floor.

The order has been under pressure from the Italian state for years to renovate the decaying building.

A March 13 report from the Wall Street Journal said that Fort Partners had agreed to a 30-year lease and to invest 54 million euros ($57.5 million) into the restoration, which will be carried out under the direction of Italian architect Fabrizio Casiraghi.

The Wall Street Journal cited Fort Partners Chief Executive Nadim Ashi, who said the hotel will have between 55 and 60 rooms and a courtyard restaurant when it is completed.

Fort Partners expects the luxury project to be finished in 2025, in time for the Catholic Church’s Jubilee Year.

From 1952-2008, the Knights of the Holy Sepulchre leased part of their property to the historic Hotel Columbus, but the order entered into a lengthy legal battle with the hotel after it refused to vacate the premises after its lease ran out.

The hotel was forcefully evicted in 2018, three years after the Italian courts ruled in favor of the Knights of the Holy Sepulchre.

Starting in 2020, a commission was set up to review offers for the new lease and restoration of the building.

The order said in 2018 it had been under pressure to restore the building by the Special Department of Rome Archeology, Fine Arts, and Landscape.

“These urgent and necessary repairs will preserve the building and provide for necessary safety upgrades while also restoring the invaluable 15th- and 16th-century frescoes, which have been seriously damaged,” it said.