Starwood Hotels & Resorts Worldwide has completed the sale of an Italian real estate portfolio, including three well-known hotels, to Italian asset manager Est Capital. The acquisition price comes to EUR 150 mln.
Starwood Hotels & Resorts Worldwide has completed the sale of an Italian real estate portfolio, including three well-known hotels, to Italian asset manager Est Capital. The acquisition price comes to EUR 150 mln.
Jones Lang LaSalle Hotels advised the seller.
The portfolio comprises three historic hotels, two of which are located on the Lido of Venice and one in Asolo, Treviso.
The Westin Excelsior and Hotel des Bains, on the Lido of Venice, are best known for hosting the Venice Film Festival and for being used as film locations. Fourteen ancillary assets, including the famous beach on the Lido, are included in the portfolio.
Roberto Galano, head of Jones Lang LaSalle Hotels, Italy said: 'This deal underpins the strength of Italian hotel market within the international arena notwithstanding the current uncertainty in the financial markets: these hotels are amongst the most prestigious hotels in Venice and we are not surprised of the strong interest they generated despite the recent deterioration in the global economy.'
EstCapital was established four years ago by Gianfranco Mossetto and Federico Tosato. The company, headed by Tosato, specialises in the establishment and management of closed-end property funds reserved to institutional and qualified private investors. With inflows of over EUR 500 mln, the firm has investment capacity of more than EUR 1.25 bn and manages eight funds.
The Bank of Italy has recently authorised the company's merger with Palladio Finanziaria. Under the deal, EstCapital is to take over all the Palladio Group's property fund management activities, including the full acquisition of the subsidiary Palladium SGR.
