Blackstone Real Estate Debt Strategies has provided a €337m loan to a new luxury hotels group owned by Värde Partners.
In April last year, Värde Partners completed a takeover of Italian luxury hotel group Gruppo Boscolo.
The $12bn (€10.53bn) alternative investment firm rebranded the hotels to The Dedica Anthology throughout Italy, France, Hungary and the Czech Republic.
The Dedica Anthology said the amount received from Blackstone will be used to refinance legacy loans and provide additional capital to invest in its estate.
Stephen Alden, the CEO of The Dedica Anthology, said: “Our focus is now fully on building The Dedica Anthology brand, carrying out strategic renovation and restoration work on our distinctive properties, strengthening our team and growing our business.”
Alessandro Grassivaro, the CFO of The Dedica Anthology, said: “Dedica now has a firm financial foundation from which to invest in our real estate and build a successful brand for the future, both as owner as well as operator.”
Francisco Milone, a partner and head of European real estate at Värde Partners, said: “Since completing the purchase of Gruppo Boscolo in April 2017 we have put in place a new management team and rebranded the hotels to The Dedica Anthology throughout Italy, France, Hungary and the Czech Republic.
“Now with that strong management in place, a restructured balance sheet and a supportive and expert lender in Blackstone, the company is well-positioned for growth.”
Michael Zerda, a managing director and head of Europe for Blackstone Real Estate Debt Strategies, commented: “We are thrilled to have Värde as a valued new client and we’re excited to be a part of their repositioning of this iconic portfolio of hotels.
“We regularly provide speed and certainty for owners of large and complex multi-jurisdictional portfolios across the globe, and are proud to expand our whole loan lending business into Southern Europe in such a meaningful way.”
London-based real estate specialist JLL advised Värde Partners on the transaction.
Chris Gow, head of debt advisory, EMEA, in JLL’s hotels and hospitality group, said: “The Dedica Anthology now has a supportive, long-term lender, as it invests in its portfolio to unlock significant revenue and value growth for the business.”
