L+R buys Hotel Excelsior

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L+R buys Hotel Excelsior

[Credit: Hotel Excelsior]

Italy: COIMA SGR has agreed the sale of Hotel Excelsior in Venice to owner-operator London + Regional Hotels (L+R) on behalf of the Lido di Venezia II Fund (LDV II). 

COIMA appointed L+R as manager of Hotel Excelsior after taking over management of the LDV II Fund in 2015, when the previous fund manager entered administration. Since then, COIMA has financially restructured the fund which faced a legacy debt of €137 million.

The sale, which includes concessions on the facing beaches and other ancillary assets, will see the overall debt reduced by around 70 per cent. The sale will also see the original £92 million loan that COIMA inherited from the previous fund manager paid back in full to Intesa San Paolo and Unicredit. 

Additional funds are also made available through the deal to restructure the €45 million legacy debt of the nearby Hotel Des Bains, which sits within the LDV II fund too. The property closed in 2010 when the owner abandoned plans to transform the historic building into luxury residences. 

COIMA has proposed a €150 million financial restructuring plan for Hotel Des Bains, comprising debt and a circa €70 million equity investment through the COIMA ESG City Impact Fund. This fund is focussed on the sustainable reuse of existing buildings and generating positive social impact through urban regeneration.

Having already selected a new operator for Hotel Des Bains, COIMA has proposed the hotel be restored, renovated and returned to use as a luxury hotel with around 190 rooms. 

Manfredi Catella, founder and CEO of COIMA, said: “The sale of the Hotel Excelsior represents an important milestone in the financial restructuring plan of the Lido di Venezia II Fund, executed by COIMA. Through a programme of restoration and redevelopment, the hotel has been revitalised and will remain an important historical and cultural landmark on the Venice Lido. We will now focus on completing the plan for the regeneration of the Hotel Des Bains, which is such an important part of the Venetian cultural heritage.”

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