€28 million granted for the redesign of the Hôtel de Florence
Edmond de Rothschild REIM granted a €28.3 million loan to refinance and renovate the Londra hotel in the center of Florence.
The establishment, owned by Eurazeo and managed by Grape Hospitality, is located in the city center of Florence, next to the train station and close to the main cultural sites of the city. The hotel was acquired by Eurazeo in December 2020 and its renovation and rebranding to “Indigo” by Intercontinental will transform it into an upscale four-star lifestyle/urban category hotel with 160 rooms. The reopening of the hotel after the complete renovation is planned for the fourth quarter of 2023. The financing has been structured in the form of senior secured notes in which the two funds co-invest. The closing was successfully completed on May 12, 2022.
Ralf Kind, Head of Real Estate Debt at Edmond de Rothschild REIM, said: “This transaction marks the first transaction of our pan-European lending strategy in Italy and the first transaction in the hospitality sector. Having already made four loan investments in Germany, France and the Netherlands, this proves our team’s ability to source and execute attractive deals across Europe, backed by strong and experienced sponsors and strong funding. We continue to ramp up our international fundraising activities to grow the Pan-European High Yield Debt Fund which has a final close by the end of 2022.”