Italian insurer Unipolsai's Atahotels and Athens RE fund have taken over the insolvent Una hotel chain in two separate transactions for a total of €287 mln.
Italian insurer Unipolsai's Atahotels and Athens RE fund have taken over the insolvent Una hotel chain in two separate transactions for a total of €287 mln.
As part of the deal, the Atahotels Group is taking control of Una's operational business for €27.6 mln while the Athens RE fund, managed by Unipolsai Investimenti Sgr, is buying the real estate assets for a price of €259 mln.
The Una hotel chain, which operates 21 hotels and owns 16 of them, was put on the market by its creditor banks, Unicredit, Monte dei Paschi di Siena and Unipol in late 2014.
The business was previously owned by the Fusi family, which went into administration in 2011 with the lenders taking control of the assets. The package consists of hotels in Italian cities, including Una Hotel in Rome, Una Tocq Hotel in Milan, and the Una Hotel Vittoria in Florence.
Closing of the deal is conditional upon the restructuring of Una's debt which amounts to €270 mln.
Colombo Associati advised on the sale.
