Covivio buys €620m of hotels in two transactions
Transactions - JANUARY 7, 2020

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Covivio buys €620m of hotels in two transactions

by Andrea Zander

Covivio has acquired a pan-European luxury hotel portfolio for €573 million ($638 million) from Varde Partners.

The portfolio consists of eight hotels, including the Palazzo Naiadi in Rome, Grand Hotel dei Dogi and Bellini Hotel in Venice, Palazzo Gaddi in Florence, Charles IV in Prague, the Plaza in Nice and the Ny Palace in Budapest.

Covivio was create after the merger between Beni Stabili and Fonciere des Regions, of which Leonardo Del Vecchio, an Italian billionaire businessman, the founder and chairman of Luxottica, the world's largest producer and retailer of glasses and lenses, is the main shareholder. The real estate group also has signed a lease contract with variable and minimum rental guaranteed for 15 years with Nh Hotel Group for the management of the structures.

The firm also acquired a 120-room four-star Hilton located in the center of Dublin, for a total value of €45.5 million ($50.7 million).

With these new acquisitions Covivo has a p

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