Transactions - APRIL 21, 2017

Italian family sells hotel portfolio to Värde Partners

by Andrea Waitrovich

Värde Partners has purchased the luxury hotels of Italian firm Boscolo Group.

The structure of the transaction involves the purchase by Värde Partners of 100 percent of the shares of holding B5 Srl, which controls the Group. The transaction will take place through the full repayment of Boscolo’s bank debt, which will come out of the procedure of Article 67 of the bankruptcy law.

The handover of Boscolo Hotels to the investment fund is based on a total capital value of €140 million ($150 million) and an enterprise value of €467 million ($500 million).

The separation of hotel ownership from brand management responds to the best practices in the industry and allows the Boscolo family to invest in value-added assets by focusing on the brand, according to a statement released on behalf of the Boscolo Group.

The portfolio includes the Exedra di Roma, the Dogi of Venice, the Astoria of Florence, the Charles IV of Prague and the Bellini of Nice.

Boscolo Hotels is a 5-star Italian hotel chain. It was founded in 1978.

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