Coima SGR – a leading independent manager of real estate investment funds on behalf of Italian and international institutional investors – after restructuring the fund former Real Venice I (today Lido di Venezia), announces they have executed the existing agreements with the London & Regional Properties (L+R), completed with the financial support of Intesa Sanpaolo and UniCredit the recapitalization of the fund - for a potential €250m in financial resources in order to start and support the Strategic Business Plan for the upgrading of real estate assets made up of the historic Hotel Excelsior and Hotel Des Bains hotels.
In 2015, Coima SGR was appointed by the Real Venice I unit holders to replace the previous asset management company in order to restructure, with the financial support of Intesa Sanpaolo and Unicredit, the fund that was defaulting. Over the last 24 months, the COIMA team tackled the problems of the previous management finding a solution with creditors, reaching an agreement on previous tax disputes, and rearranging the technical building management by replacing suppliers and addressing the issues of previous unauthorised building works.
At the end of 2016, Coima SGR has finalized the withdrawal from the contract with the former hotel management company and has appointed L+R as new Operator of the hotel. The Hotel Excelsior re-opened within the deadline of April 2017, confirming and strengthening the existing hotel staff.
Coima SGR selected a qualified partner capable of taking part in the strategic repositioning project for the portfolio as both Investor and Hotel Operator. The British London & Regional Properties (L+R) was chosen and the in-depth analysis of the transaction started.
London & Regional Properties – an international hotel investment specialist with a portfolio of c. €10.6bn and nearly 12,000 rooms – focuses on three business areas: hotels in prime locations; real estate development, making long-term investments in development or restructuring projects; and leisure, i.e. hospitality, wellness and health real estate.
Specifically, on May 9 th 2017, an agreement was reached to create a new fund named "Lido di Venezia II" (the “Fund), promoted and managed by Coima SGR , that includes the assets of Hotel Excelsior, Hotel Des Bains, Palazzo Marconi as well as the beach concessions and the ancillary properties of the two hotels.