A club of two domestic banks has refinanced one of MIlan’s most prestigous hotels in a complex multi-loan tranche transaction.
MPS Capital Services Banca (MPSCS), the Florence-based corporate banking arm of Monte dei Paschi di Siena, UniCredit and the government-guaranteed SACE provided the €66 mln package for the city’s 5-star Park Hyatt.
The previous lender on the hotel is understood to have been Deutsche Bank.
Like many hotels, the Park Hyatt has been closed since last March. SACE, set up to provide emergency liquidity facilities in Italy, guaranteed an emergency operational loan alongside secured refinancing and capex tranches.
The finance was sourced and structured for the Hyatt Group and Spanish family office owners by debt advisory firm First Growth Real Estate. Cleary Gottlieb was their legal adviser. BonelliErede advised the banks.
The advisers said the financing - which took many months to put together - demonstrated appetite from lenders in the high-end hospitality market for quality assets regardless of the uncertainty related to the Covid pandemic.
The classical Park Hyatt building is in Milan’s historic district on via Tommaso Grossi and was converted to a 106-room hotel in 2003.
