Boutique Hotel Grand Collection Project marks the latest hospitality initiative promoted by MFO, the Marra family office, with the ambition of creating a collection of boutique hotels across Italy. The strategy focuses on acquiring and redeveloping existing properties while preserving the cultural and territorial identity of each destination. Founded in 2012, MFO has expanded beyond its historical textile business into private equity, venture capital, real estate and capital markets. Today, the family office aims to strengthen its presence in the hospitality sector through a long-term investment platform designed to combine distinctive accommodation with local authenticity.

To support the initiative, Banca Valsabbina structured a €46.5 million real estate securitisation through the special purpose vehicle SPV Real Estate. The transaction includes three classes of notes issued by the vehicle. In addition, the bank subscribed the €20 million senior tranche while acting as account bank and paying agent. Meanwhile, Zenith Global serves as master servicer, corporate servicer and calculation agent. This financial structure provides the capital needed to support the project’s acquisition and redevelopment strategy across the Italian hospitality market.

The Boutique Hotel Grand Collection Project also involves Boutique Club S.p.A., the special purpose company established for the initiative, together with MFO’s hotel management company Hotellerie Srl and asset manager MB Capital. Furthermore, several family offices joined the project by investing both in the project company’s equity and in the subordinated notes issued by SPV Real Estate. Boutique Club subscribed the remaining €26.5 million of mezzanine and junior notes, completing the capital structure. As a result, SPV Real Estate acquired a five-storey hospitality property located at Via Gabriele Rossetti 4-5 in Genoa, providing the first asset for the platform’s future development. Osborne Clarke, Palmeri Commercialisti Associati and A&O Shearman advised the transaction, supporting the legal, financial and tax aspects of the deal.