An Italian real estate fund managed by COIMA SGR is being recapitalised, enabling it to refurbish two historic hotels.
Coima has reached an agreement with hotel operator London & Regional Properties and lenders Intesa Sanpaolo and Unicredit.
The fund plans to upgrade the Hotel Excelsior and Hotel Des Bains in Lido di Venezia, home to the Venice Film Festival.
London & Regional, a UK-based company, will take over the operation of the hotels.
Coima assumed the management of Real Venice I from Est Capital in 2015 after it was selected by the fund’s investors.
The hotels will be transferred to a new fund Lido di Venzia II.
Investors in the fund include Cassa di Risparmio Padua and Rovigo Foundation, and the pension fund for personnel of the former Bank of Rome.
Manfredi Catella, founder and managing director of Coima, said: “The agreement reached with Intesa San Paolo, Unicredit and London & Regional, following the completion of corporate restructuring, is a first decisive result in the start up of the Lido di Venezia collaboration with the city’s institutions and with the community.
“The regeneration of the Lido in Venice can be an important pilot project for tourism in Italy.”