CB Richard Ellis said its EMEA debt advisory and hotels teams have arranged EUR 60mln financing for a portfolio of NH hotels in Italy owned by Framon Real Estate. In a statement, CBRE said the final terms of the financing were agreed with WestLB, Westdeutsche ImmobilienBank and UniCredit.
CB Richard Ellis said its EMEA debt advisory and hotels teams have arranged EUR 60mln financing for a portfolio of NH hotels in Italy owned by Framon Real Estate. In a statement, CBRE said the final terms of the financing were agreed with WestLB, Westdeutsche ImmobilienBank and UniCredit.
Barbara Pereira, managing director, EMEA debt advisory, CBRE, said: 'Local market conditions and lending practices vary greatly and local understanding and knowledge remain vital to getting deals done. For this particular transaction we were able to bring together hotel sector and debt advisory specialists to secure a lower than expected cost of financing for Framon Real Estate.' Natale Giostra, director, EMEA debt advisory, CBRE, added: 'In current market conditions this is an important deal given lenders more cautious approach to financing leisure hotel properties. It proves that despite the current financial climate, debt capital is still available for clients operating in a broad array of sectors, if they have access to the right advice.'
The portfolio comprises four hotels: Grand Hotel Timeo and Hotel Villa Sant'Andrea in Taormina, Grand Hotel Bristol in Rapallo, and Hotel Liberty based in Messina. Framon Real Estate is a subsidiary of the Italian Gruppo Franza.
