Bain Capital Credit and Omnam Group have created a new hospitality development joint venture and inked their first deal together in Como, Italy.
The acquisition of the 285-key Hotel Britannia Excelsior in Como, Italy has been executed through a fund managed by Kryalos, Blackstone's asset management arm in Italy.
Financial details were not disclosed.
The JV intends to redevelop the building, which is located on the shores of Lake Como, into a 5* luxury lifestyle hotel through a comprehensive capex programme.
Bain Capital currently owns over 35 hotels in Italy with 2,500 keys and over 115 hotels across Europe with 8,000 keys, whilst this project is Omnam’s fourth hotel project in the country.
Fabio Longo, managing director at Bain Capital, said: 'We are delighted to launch our JV with Omnam with such a prestigious acquisition.
'We are pleased to be able to bring our extensive experience in the Italian market to develop this asset with Omnam into a luxury lifestyle destination.
'Hotel Britannia Excelsior is a fantastic opportunity within the value-add, leisure-led hospitality market. This enhances the substantial real estate portfolio we have built throughout Europe, which we are actively growing through similarly attractive investment opportunities.'
Hotel Britannia Excelsior is a 19th century building with 13,500 m2 indoor and 5,300 m2 outdoor areas.
The repositioned hotel will comprise over 2,000 m2 of food and beverage facilities with lake-view bars and restaurants, the largest floating pool on the lake at 1,400 m2, a 2,300 m2 Lido and 4,000 m2 buildable area that will be converted into a spa, conference centre and parking areas.
David Zisser, CEO of Omnam, said: 'This acquisition will help us to bring new life to Lake Como and marks the first milestone between Omnam and Bain Capital in our broader collaboration through the JV.
'Omnam aims to create a new sophisticated luxury hotel experience that celebrates the natural beauty of Lake Como while remaining accessible for everybody to enjoy.'
'Hotel investments are on the rise in Italy, which remains at the top of the choices made by major international operators,' said Paolo Bottelli, CEO of Kryalos.
'In the coming months, we want to consolidate this trend, with particular attention not only to large tourist cities, which remain at the forefront of investment choices, but also to equally excellent areas such as lakes and renowned seaside or mountain resorts,' Bottelli added.
Omnam and Bain Capital were advised on the acquisition by DLA Piper, LinkLaters, CBRE and Addleshaw Goddard.
