Real estate investor and developer Coima has sold the Hotel Excelsior in Venice Lido, Italy, to London & Regional Hotels (L+R) for €100 mln.
Coima acted on behalf of the Lido di Venezia II Fund and the deal includes a number of other ancillary assets, including the concessions of the facing beaches.
UK-based hotel operator L&R is the fund's main shareholder and current hotel manager.
The transaction guarantees the repayment of 100% of the hotel’s original €92 mln loan from Intesa San Paolo and Unicredit, reducing the original debt of the Lido di Venezia II fund by approximately 70%.
Hotel Excelsior in Venice Lido is considered a jewel of the Venetian art of the early 20th century with its Venetian- and Byzantine-style façade.
