Independent Italian real estate investment manager Coima Sgr has completed the recapitalisation of its Lido di Venezia fund, creating a potential €250 mln in financial resources to commence refurbishment of the historic Hotel Excelsior (pictured) and Hotel Des Bains in Venice.
Both hotels are located on the island of Lido, which has been earmarked for repositioning in terms of its tourism.
'The regeneration of the Lido in Venice can be an important pilot project for tourism in Italy,' commented Manfredi Catella, founder and managing director of Coima Sgr.
The fund, formerly known as Real Venice I, appointed Coima Sgr in 2015 to take over its management. Coima has since appointed London & Regional Properties (L+R) as operator of the portfolio. Hotel Excelsior subsequently reopened on schedule in April 2017.
Now, an agreement has been reached with the fund's unit holders to create a new fund named Lido di Venezia II, promoted and managed by Coima Sgr, which includes the assets of Hotel Excelsior, Hotel Des Bains, Palazzo Marconi as well as the beach concessions and ancilliary properties of the two hotels. The fund holders include the historic participants Cassa di Risparmio Padua, Rovigo Foundation and the Pension Fund for the Personnel of the former Bank of Rome, as well as Coima and L+R.
The lending parties, Intesa Sanpaolo and Unicredit, approved the recapitalisation deal by renewing credit lines which had been previously granted, and devoting new lines to support the renovation of the Lido assets.
Plans are now moving ahead to continue work on Hotel Excelsior, following renovations made last winter to prepare the hotel for its 2017 reopening. This will be followed by the refurbishment of Palazzo Marconi and Hotel Des Bains.
'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,' Catella concluded.
