Lido di Venezia, Coima sells the Hotel Excelsior to renovate the Des Bains
The money will be used to settle the Excelsior’s debts pending a response from the banks to the request for a recapitalization of 150 million for Des Bains
VENICE. Coima Sgr, a company that manages real estate investment funds on behalf of institutional investors, has concluded the sale to the English hotel operator London and regional hotels ofExcelsior Hotel (of which London and regional hotels is the current manager) and some ancillary assets, including the concessions of the facing beaches, for a value that exceeds the appraisal value of the assets sold.
As part of the transaction, London and regional hotels has made available additional resources for the restructuring of the original loans of theHotel Des Bains, favoring the related enhancement plan. With the debt restructuring of Des Bains, Coima hopes that the banks can give the green light to the recapitalization plan for a total of 150 million euros aimed at rehabilitating theDes Bains hotels respecting its original destination and with a view to relaunching a national historical-cultural heritage.
“The agreement represents the achievement of a significant milestone in the financial restructuring of the Lido di Venezia II fund”, reads the note from Coima, “Taking over the management of the fund on January 30, 2015 at the request of the shareholders and the banking class, with the fiduciary assignment to restructure the critical financial situation generated with the previous management of Est Capitale Sgr which had been ordered for extraordinary administration from Mef on 21 May 2014, Coima Sgr has had to face a legacy of financial debt which to date amounts to approximately 137 million euros, of which 92 million relating toExcelsior Hotel and ancillary assets and 45 million to the compendium ofDes Bains hotels.
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