Villa Tolomei Hotel & Resort, once an abandoned convent in ruins, is now a luxury resort on the outskirts of Florence and a testament to what Italy can accomplish when the public and private sectors work together.

Italy's Public Land Agency owns the 11,500-square-foot estate that houses several buildings, and has leased the property for 50 years to hotel management firm IsHotel at $200,000 (150,000 euros) per year. IsHotel recently completed a five-year, $13 million (10 million euro) renovation.

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Source: http://www.nbcnews.com