Header image

Finanziaria Internazionale preps Italian hotel securitisation

Finanziaria International is arranging a EUR 185m real estate securitisation backed by two hotel properties in Porto Cervo, Sardinia, according to Enrico Meneghetti, CEO of asset manager Enma Capital. 

The deal’s sponsor, Quianto Capital is a PE Real Estate vehicle where Enma is acting as strategic advisor and asset manager. The unrated transaction is secured on a Rosewood hotel and a Delano hotel, both acquired in June 2019. Following substantial refurbishment, Enma estimates the two hotels to have an exit value of EUR 239m. Meneghetti said he expects the repayment window for the project to be 10 years.

The up to EUR 300m special purpose vehicle, Octanto Rev 1, will issue senior notes, senior capex notes and junior notes, according to Meneghetti and the deal’s teaser. The senior notes will be placed with institutional investors and banks in a club deal, the senior capex notes with investors, and the junior notes will be retained by Quianto. Securitisation Services is the deal’s servicer. EY Italy is the valuation agent.

The Rosewood hotel is a five-star luxury hotel, formerly the fourstar Hotel Le Ginestre, which Enma acquired for EUR 32m. It is located 3km from Porto Cervo and extends over more than 15,000 sq m with access to a 350m private beach. It will undergo a refurbishment to reposition the resort in the five-star luxury range. The renovation costs are estimated between EUR 45m and EUR 55m. The new room mix will offer 40% suites and premier suites. The resort will feature two food and beverage venues of 900 sq m, as well as two temporary structures, a pool bar and a beach club, which will accommodate more than 200 consumers. The resort will feature spa and recreational facilities spanning across 500 sq m of indoor space and 800m outdoor space. The expected exit value of the hotel is around EUR 133m. The renovation is set to be completed by 2022, provided there are no substantial delays related to COVID-19, Meneghetti said.

Renovations for the Delano property, Hotel Le Palme, will be finalised by 2023, according to Meneghetti. The resort, located in Liscia di Vacca and extending over more than 15,000 sq m, is 5km from Porto Cervo. It was acquired for EUR 24m. As with the other property a EUR 45m–EUR 55m refurbishment will reposition it as a five-star hotel. The project will increase the indoor area to cover 11,000 sq m while the outdoor area will be 8,000 sq m. The room mix will consist of larger rooms, including 21% suites with a size ranging between 90 sq m and 220 sq m for a presidential suite, in line with market standards. Junior suites of 60 sq m on average will make up 32%. Similar to the Rosewood resort, it will feature two fixed food and beverage venues as well as a pool bar and restaurant. A spa and recreational facility will cover more than 1,000 sq m indoor and 500 sq m outdoors. The exit value is estimated at around EUR 106m. The transaction is set to close by the end of 2020.

image
Evis Progonati Assistant Editor Debtwire ABS Bio
image
Bert Erik ten Cate Managing Editor, Commercial Real Estate Debtwire Bio

Debtwire Product Trial

Get these unique insights and more with Debtwire

Debtwire gives fixed income professionals an edge in leveraged finance, distressed debt and direct lending.

Request Trial


 

Related content

Government action key to tackling coronavirus NPLs and investor opportunities

Government action key to tackling coronavirus NPLs and investor opportunities

NPLs rise for first time in years due to COVID-19 - Debtwire European NPLs 3Q20 Report

NPLs rise for first time in years due to COVID-19 - Debtwire European NPLs 3Q20 Report

European Chart of the Week: Secondary market loan prices remain below pre-COVID levels

European Chart of the Week: Secondary market loan prices remain below pre-COVID levels

European Chart of the Week: Secondary market loan prices remain below pre-COVID levels

European Chart of the Week: Secondary market loan prices remain below pre-COVID levels

European Chart of the Week: High yield bonds backing M&A/LBO financings increase in September

European Chart of the Week: High yield bonds backing M&A/LBO financings increase in September


 

Related events

Debtwire Spanish Debt Financing Briefing

Debtwire Spanish Debt Financing Briefing

Turkish Corporate Restructuring Forum

Turkish Corporate Restructuring Forum

European Covenant Trends Breakfast Briefing 2019

European Covenant Trends Breakfast Briefing 2019

Debtwire Portugal Breakfast Briefing 2019

Debtwire Portugal Breakfast Briefing 2019

European Distressed Debt Outlook

European Distressed Debt Outlook

Debtwire Events
Debtwire transformed the market and quickly became the leading provider of expert news, data and analysis on global leveraged credit. With global breadth and local depth, our end-to-end coverage goes behind the scenes from primary issuance to the first sign of stress through restructuring and beyond. Subscribers trust Debtwire – the pioneer in the industry – for comprehensive coverage across geographies, companies and asset classes. Backed by Debtwire’s team of experts and award-winning content, our events offer attendees an unrivaled perspective.