Covivio set to acquire €600m luxury hotel package

Dedica Anthology, the luxury hotel platform of US giant Värde Partners, is set to change hands.

The hotel division of French listed property giant Covivio is closing on the acquisition of the Dedica Anthology Milan-based group of luxury hotel assets. The properties, formerly known as the Boscolo portfolio, were put on the market early this year by landlord, Värde Partners through Eastdill. Varde late last year secured a €337 mln refinancing for the assets from Blackstone Real Estate Debt Strategies.

The owners were in breach of covenants on a €320 mln loan provided by 23 banks including Unicredit, Mps, Banco Popolare  and Bnp Paribas. Värde also acquired the bulk of the loans from some of the lenders at a discount to face value.

Covivio, advised by Mediobanca, is understood to be paying €600 mln for the properties which are largely located in Italy - Palazzo Naiadi in Rome, Palazzo Matteotti in Milan, the Dogi Hotel in Venice, Palazzo Gaddi in Florence. The portfolio also include three properties abroad – the New York Palace in Budapest, the Carlo VI hotel in Prague as well as the Plaza hotel in Nice.

Värde acquired the assets in 2017 as part of its acquisition of the Boscolo hotel group for €500 mln, including €150 mln of equity. The package included nine hotel properties in Rome, Venice, Florence, Nice, Budapest and Prague.

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