Cain International has expanded its debt platform into mainland Europe with the provision of a €120m development bond to Italian development firm Barletta Group.
The Europe and US real estate investment firm said the amount provided will support Barletta’s expansion of the Soho House and Rosewood Hotels brands into the Italian market.
Soho House Rome, due to complete in 2020, is to be developed on a site currently owned by Barletta Group in San Lorenzo.
Barletta Group has agreed the acquisition of the Palazzo Dona’ Giovannelli, a 14th-century residential property, in the Cannaregio district of Venice.
This will be converted into a 46-bedroom five-star hotel under a management agreement with Rosewood Hotels.
Due to complete in late 2021, this will be the second Rosewood Hotel in Italy.
Matteo Milan, principal in real estate finance at Cain International, said: “This transaction is a natural next step for Cain International as we expand our debt platform into mainland Europe and highlights our appetite to provide development finance to strong partners in gateway cities.”
Paolo Barletta at Barletta Group said: “Hospitality is one of the fastest-growing sectors in the industry and Soho House and Rosewood Hotels, both global leaders in the luxury hospitality sector, have already established the foundations of success in the Italian market.”
