In Emilia-Romagna, CDP Real Asset and QC Terme are driving the relaunch of one of the symbols of Italian thermal tourism
Wellness tourism in Italy has centuries of history. It was 1839 when physician Lorenzo Berzieri discovered the healing properties of the waters in Salsomaggiore, which until then had been known for its salt pans. Eight years later, the first thermal establishment opened, and within a few years, the small town in the province of Parma became an international tourist destination, thanks in part to the opening of what were described as "the most beautiful thermal baths in the world."
Inaugurated in 1923 and dedicated to the physician who had changed the destiny of Salsomaggiore, the Berzieri Thermal Baths—designed by architects Ugo Giusti and Giulio Bernardini with decorations by Galileo Chini, the inventor of modern ceramics—represent a masterpiece weaving together Art Nouveau, Oriental influences, and Art Deco.
For over 50 years, the city was one of Italy's premier thermal destinations, drawing tourists who combined leisure with medical treatments, until a sector-wide crisis led to the closure of the establishments in 2018. In 2021, CDP acquired the property of the thermal baths with the aim of revitalizing them through a redevelopment project carried out by CDP Real Asset SGR via the Fondo Nazionale del Turismo (National Tourism Fund)—funded by CDP and the Ministry of Tourism—in partnership with QC Terme Srl. The latter is the leading Italian group managing wellness centers, spas, and resorts across Italy, France, and the United States, boasting an annual turnover of over 140 million euros.
The new episode of Storie dall’Italia (Stories from Italy) chronicles this relaunch journey through the testimonies of Luca Musile Tanzi, Mayor of Salsomaggiore Terme; Chiara Caruso, Head of the Fondo Nazionale Turismo at CDP Real Asset SGR; and Francesco Varni, CEO of QC Terme. Following a meticulous restoration and a total investment of over 44 million euros, the Berzieri Thermal Baths officially reopened in December 2025 under the management of QC Terme, once again becoming a centerpiece for the city.
The initiative stems from the local administration's determination to breathe new life into one of the city's most iconic landmarks. This complex financial and operational project found a strategic partner in CDP Real Asset to support the recovery process based on three core intervention principles: reuse, regenerate, and give back to the local territory.
The renovation and redevelopment activities of a protected historic asset like Palazzo Berzieri engaged local manufacturing and artisanal excellence specialized in fine finishes, ensuring full aesthetic consistency with the original design. Meanwhile, the former Thermal Power Plant now houses multi-level pools, skylights, suspended bridges, double-height terraces, and three panoramic rooftop pools overlooking the Emilian hills.
The rebirth of the Thermal Baths demonstrates how targeted investments serve as a lever for promoting iconic landmarks and growing the tourism offering. It also confirms CDP's role as a strategic partner for the regeneration of Italian real estate assets, supporting a development model capable of creating lasting value for local communities.
Watch the video and discover the new episode of Storie dall’Italia