A consortium of US-based private equity firm Starwood, Spanish hotel operator Meliá and Italian listed services firm Prelios is understood to have tabled a bid for the insolvent Una Hotel package, PropertyEU has learned.
A consortium of US-based private equity firm Starwood, Spanish hotel operator Meliá and Italian listed services firm Prelios is understood to have tabled a bid for the insolvent Una Hotel package, PropertyEU has learned.
The hotel chain, which operates 31 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.
Prelios, Meliá and Starwood have mounted a €200 mln bid for both the operation of the assets as well as 10 Una-owned hotels, according to well-informed market sources. If the deal is successful, Meliá will take over the management of the assets with Starwood expected to take ownership of the assets.
Prelios is believed to be advising Starwood on the deal and is not participating with an equity investment.
The Una business, which was previously owned by the Fusi family, went into administration in 2011 with the lenders taking control of the assets. The package consists of 17 hotels in Italian cities, including Una Hotel in Rome, Una Tocq Hotel in Milan, and the Una Hotel Vittoria in Florence.
Colombo Associati, which is advising on the sale, is expected to choose a buyer in early 2015.
For Prelios, the operation is part of a strategy to act as third-party service provider particularly for foreign investors active in Italy. The company recently teamed up with Fortress to acquire Italian bank UniCredit's non-performing loan platform as well as a €2.4 bn nominally-valued non-performing loan portfolio for a total of €530 mln.
Similarly, it has partnered with London & Regional Properties to make an offer for Milan's historic Palazzo Broggi which was put on the market last year for €350 mln.
