Cain International has agreed to provide a €120m development bond to Italian development firm Barletta Group to support the continued expansion of the iconic Soho House and Rosewood Hotels brands into the Italian market. The facility has an initial 42-month term.
Soho House Rome is to be developed on a site currently owned by Barletta Group in the heart of San Lorenzo, a neighbourhood known for its bohemian counterculture. The Rome location of the global members club for the creative community will comprise a 32-room hotel, 40 serviced apartments, two restaurants and a Cowshed spa. It is due to complete in 2020.
Barletta Group has agreed the acquisition of the Palazzo Dona’ Giovannelli, a 14th-century residential property, in the Cannaregio district of Venice. This will be converted into a 46-bedroom five-star hotel under a management agreement with Rosewood Hotels. Located close to many of the city’s legendary landmarks, including the Strada Nova and Piazza San Marco, the building was designed by Filippo Calendario, the master architect of the nearby Palazzo Ducale. Due to complete in late 2021, this will be the second Rosewood Hotel in Italy.
Matteo Milan, Principal in Real Estate Finance at Cain International led the deal. He commented: “We are excited to have completed our first transaction in mainland Europe, partnering with Gruppo Barletta, an established developer with over 50 years’ experience, to expand Soho House and Rosewood into Italy. This transaction is a natural next step for Cain International as we expand our debt platform into mainland Europe and highlights our appetite to provide development finance to strong partners in gateway cities.”
Paolo Barletta at Barletta Group, said: “Hospitality is one of the fastest-growing sectors in the industry and Soho House and Rosewood Hotels, both global leaders in the luxury hospitality sector, have already established the foundations of success in the Italian market. Working with best-in-class operators, our aim is to strengthen our group in the luxury and lifestyle segments of this key growth market. However, in order to achieve this, it is crucial to build strong relationships with international lenders as there is limited appetite for development finance from Italian banks. Cain International’s debt platform has an impressive track record and we are pleased to work with them to secure this significant financing to accelerate the delivery of these projects and strengthen our position as a market leader.”