Recent notable transactions in italy
2019 has been for sure the most intense year in the last decade for the investments in the hotel sector in Italy.
Way further than the first signals of this positive trend, which had come already at the end of the last year, when the French fund LVMH acquired the entire Belmond group, owner and manager of 7 resorts in Italy, for a total of 453 keys (15% of the entire hotels and resorts portfolio of the Group).
On this path, Oaktree recently closed a deal for which negotiations had started in March. The American fund acquired 15 assets, for a total of 1600 keys, from the fund Castello SGR, paying a total of 250 million euros. Among the acquired resorts we find Fonteverde and Grotta Giusti in Tuscany, Chia Laguna in Sardinia and Le Massif, a recently opened diamond in Courmayeur. Yet in the luxury segment, also the fund Elliot, probably the most experienced fund as of Italian market, has recently come back to shop in our Country.
Yet in the luxury segment, also the fund Elliot, probably the most experienced fund as of Italian market, has recently come back to shop in our Country.
After buying AC Milan, the USA fund acquired the 100% of Bauer Spa, the firm which owned, among the others, the historic Bauer Hotel in Venice, for a total of 400 million euros. In the investment plan, also 100 million euros for complete renovation have been provided.
It was a new record setting, instead, the passing of the Capri Palace Hotel in Anacapri in the hands of a Dubai based fund, dated May 2019. Dogus, the Turkish former owner of the asset, earned 150 million euros, meaning 1.5 million per key, the highest amount ever registered since the beginning of 2019.
Of a different kind is the investment made by the English fund Cain International, who financed the development of two hotels. The 120 million euros capital was assigned to Barletta group, for the realization of a new hotel, which will be managed by Rosewood, in Venice and a structure in Rome under Soho House brand.
There has been also space for smaller investments and less famous locations, like the one operated by the US based fund Bayview. The deal regards an historic hotel in Madesimo, the Cascata e Cristallo hotel, which has been acquired for about 6.9 million euros, with another 4 millions, according to rumors, to be invested for the reopening.