Edmond de Rothschild REIM has provided €28.3m loan to refinance and refurbish the Londra Hotel in the centre of Florence. The property, which is owned by Eurazeo and managed by Grape Hospitality, is located in the city centre of Florence, adjacent to the train station and near to the city’s main cultural sites. The hotel was acquired by Eurazeo in December 2020 and its refurbishment and rebranding into “Indigo” by Intercontinental will see it transformed into a 4-star upscale lifestyle/urban category hotel with 160 rooms. The re-opening of the hotel after the comprehensive refurbishment is planned for Q4 2023. The financing was structured in the form of senior secured notes into which the two funds are co-investing. Closing was completed successfully as of May 12th 2022.
Ralf Kind, Head of Real Estate Debt at Edmond de Rothschild REIM, commented: "This transaction marks the first deal for our pan-European lending strategy in Italy and the first deal in the hospitality sector. Having made four loan investments before in Germany, France and the Netherlands it proves the ability of our team to source and execute attractive deals across Europe backed by strong and experienced sponsors and sound financing structures. We continue to intensify our international fundraising activities to grow the pan-European high yield debt fund which has a final close by the end of 2022”.
