Italian open-air hospitality leader Human Company has joined forces with Hines and Italian private equity firm Clessidra to establish a new open air hospitality company.
Hines and Clessidra are investing €120 mln in this newly formed company, marking their debut in the open-air hospitality sector.
Human Company aims to leverage this investment to build new resorts in Italy, acquire existing ones, and develop innovative greenfield projects on unused land. The focus will be on creating eco-friendly resorts that are inclusive, and accessible, and promote responsible tourism. Guests can expect unique themed accommodations catering to their desire for active experiences and holistic well-being.
The deal is expected to close in the second half of 2024.
Claudio Cardini, founder & honorary chairman of Human Company, said: ‘Through the operation with Hines and Clessidra, two partners with whom we immediately shared values and strategic vision, we intend not only to continue to grow, strengthening our leadership position, but also to build a new identity value for hospitality open air, for an increasingly distinctive and quality product.’
Mario Abbadessa, senior managing director & country head of Hines in Italy, commented: ‘We strongly believe in the potential of open-air tourism in Italy and we are certain that the synergy between recognized market leaders such as Clessidra and Human Company will allow us to carry out excellent projects and generate significant value for all the stakeholders involved. We are certain that this collaboration can evolve over time, encouraging further developments that will strengthen the evolution of this sector.’
Marco Carotenuto, managing director by Hourglass, added: ‘For Clessidra, the investment marks the entry into a new market segment - that of open-air tourism - with high growth potential, supported by long-term structural macro-trends; we are convinced that Human Company - also by virtue of new greenfield projects - can boast a distinctive positioning in the sector, on which to build a solid long-term growth path.’
This deal marks Hines' first foray into global open-air tourism, aligning with its strategy of investing in alternative assets like open-air living and hospitality. Hines will provide strategic guidance for long-term growth, along with real estate development expertise. For its part, Clessidra will offer management and organizational skills to Human Company, a family company founded in the 1980s.
Human Company and the relevant shareholders were supported by LABS Corporate Finance, Chiomenti, and by KPMG. Hines and Clessidra were assisted by White & Case, PedersoliGattai, Ernst & Young, and Alonzo Committeri & Partners. Dentons and Yard Reaas handled the topics related to technical and administrative due diligence.
