Not in my book.
First off it ties itself way too much into the Alien lore and ignores a lot of the potential in film lore that already existed for the Predator.
Second the story really isn't that great. It's servicable for a game, but as a film it wouldn't really be all that great.
Taking the basic aspects of the plot, you could make something out of it. A Predator returns to Earth to reclaim his place in his clan after a botched hunt years prior, the result of which was humanity gainign access to Predator technology.
That as a basic plot summary works... It's a lot of the details of the games plot that just wouldn't work outside of a game. You'd really have to work on it... and frankly the weirder stuff with the Borgia family would be best left on the cutting room floor.
Instead you could simply have it be that the predator killed a large swath of the Borgia crime family, and the survivors descendants had basically built an empire out of tracking down and exploiting the hunters as they appeared, making use of their technology, but also enraging the Predators as a whole because they could not "safely" hunt on Earth anymore.