Bain Capital, Smith Hill Capital launch $1b hospitality private lending platform

Bain Capital Special Situations and Smith Hill Capital, an affiliate of Procaccianti Cos., have formed a joint venture to originate debt and preferred equity to serve the financing needs of companies and assets in the hospitality sector. The platform launches with the objective of deploying $1 billion of gross capital over the next several years.

The joint venture will initially focus on new loan originations and debt refinancing exclusively in the hospitality space within primary and secondary markets throughout the United States. In select instances, Bain Capital and Smith Hill Capital will seek to acquire debt and provide rescue capital to high-quality borrowers.

“Rising interest rates coupled with lender pullback in the real estate debt capital markets has created a significant opportunity to deliver flexible financing solutions to high-performing, growth-oriented hospitality borrowers,” said David DesPrez, a managing director at Bain Capital. “We believe our