Castello Sgr, a leading asset management company specialising in alternative real estate investment instruments, has secured approximately €50m in financing on behalf of the Five Lakes closed-end real estate alternative investment fund for the development of Hotel Bellevue Cortina d'Ampezzo, a five-star hotel project in the heart of Cortina d'Ampezzo in the province of Belluno.
The financing was provided by Greek bank Alpha Bank, with Situs Asset Management Limited acting as agent. The deal structure, which includes a senior debt facility for a luxury hospitality development in one of Europe's most exclusive alpine destinations, signals growing lender confidence in premium leisure assets ahead of the Milan-Cortina 2026 Winter Olympics, positioning the project to capitalise on increased international visibility and visitor demand in the Dolomites region.
Hotel Bellevue is located on Corso Italia, Cortina's main street, and will be positioned as a high-end "alpine club." The hotel will offer 80 rooms, including 27 suites with mountain views, as well as a 500 m² spa and indoor and outdoor pools. It will also feature a sophisticated food and beverage offering and spaces designed for exclusive hospitality in one of the most renowned locations in the Dolomites.
The project is promoted by Prodea Investments and Invel Real Estate. Once completed, the hotel will be managed by Accor under the Emblems Collection brand.
Osborne Clarke and Legance advised Alpha Bank (as lender) and Castello Sgr (on behalf of the Five Lakes fund, as beneficiary) respectively, while Reed Smith advised Situs Asset Management Limited as agent.
"This transaction confirms Castello Sgr's commitment to supporting high-quality real estate projects with a strong development component in prime locations like Cortina. The financing represents a key step towards the realisation of a high-end hotel project, destined to further strengthen the destination's attractiveness, thanks also to a top-tier international operator," commented Michelangelo Ripamonti, Head of Hospitality Investments at Castello Sgr.
People mentioned:
- Michelangelo Ripamonti, Head of Hospitality Investments, Castello Sgr
Companies mentioned:
- Castello Sgr – Asset management company, fund manager
- Alpha Bank – Lender
- Situs Asset Management Limited – Agent
- Prodea Investments – Project promoter
- Invel Real Estate – Project promoter
- Accor – Hotel operator (Emblems Collection brand)
- Osborne Clarke – Legal adviser to Alpha Bank
- Legance – Legal adviser to Castello Sgr
- Reed Smith – Legal adviser to Situs Asset Management Limited
