ICG Real Estate, the real estate business of Intermediate Capital Group (ICG), has issued a €62 mln whole loan to Naos Hotel Group to finance the forward acquisition of a hotel located at the Nice Cote d’Azur airport in the south of France.
The 4-star upper scale hotel, which will operate under the Sheraton brand, will comprise 235 rooms and is scheduled to open in spring 2022.
The investment was made via ICG Real Estate Debt VI, the latest fund in the Partnership Capital strategy which is targeting €1.7 bn of capital.
The fund focuses on providing self-originated loans, predominately whole loans, and a secondary focus on mezzanine and, preferred equity secured against UK, Northern and Western Europe commercial property. The fund focuses on investments which help to mitigate climate change through its Green Loan Framework.
Philippe Deloffre, managing director at ICG Real Estate commented; 'We are proud to partner with Naos Hotel Group, a leader in the French hospitality sector. We have strong conviction on the Sheraton Nice Hotel due to the recovery of international travel. In addition to airport custom, demand is supported by its unique location in the Nice Metropolitan area and a very dynamic local business sector.'
Pascal Lemarchand, founder, and CEO of Naos Hôtel Groupe said; 'Hotel developments increasingly require the use of advanced financial engineering and require a lender with a deep understanding of real estate structures. ICG Real Estate are a group of highly experienced professionals who can support our achievements in central and eastern Europe. We look forward to continuing our partnership.' ICG was advised by Hogan Lovells.
