Cheyne Capital (Cheyne) completed a cross-jurisdiction senior secured facility to a Joint Venture between KSL Capital Partners (KSL) and entrepreneur Luis Contreras. The loan, provided by funds managed and advised by Cheyne Capital, will be used to finance the acquisition of Sereno Hotels to support the expansion of the Sereno Hotels platform. Sereno Hotels develops, owns and operates the award-winning, ultra-luxury hotel Il Sereno on Lake Como, Italy, as well as its sister resort, Le Sereno, on the island of St Barthelemy, France.
Raphael Smadja, Head of France and Co-Head of Europe at Cheyne Real Estate stated: “We are pleased to expand our partnership with the KSL team and to support their strategy to develop high-end luxury leisure destinations, following our financing for Beaumier, the pan-European luxury boutique hotel group and another KSL portfolio company, successfully closing in 2022. Recent market performance confirms both the resilience and growth potential of the luxury hotel market in Europe and validates Cheyne’s investment thesis to finance well-funded hotels managed by a strong operator, located in prime leisure markets.”
Antoine-Julien Richard, Loan Originator at Cheyne Real Estate, added: “This second pan-European facility, spanning France and Italy, using regulated lending vehicles, demonstrates Cheyne’s ability to provide flexible and innovative financing. We are delighted to complete our third loan in Italy, where we continue to identify compelling lending opportunities, particularly in the hospitality sector, and we look forward to continuing to increase our presence in the region.”
Martin Edsinger, Partner at KSL, concludes: “We believe in the continued growing relevance of the seasonal leisure hospitality space in Europe. Both Sereno Hotels as well as Beaumier represent two best-in-class branded platforms that allow us to capitalize on accretive acquisitions and repositionings in the luxury and ultra-luxury space. Cheyne has been a great partner as a one-stop debt financing solution for our platforms to continue to capitalize on growth across Europe.”
KSL was advised by Hogan Lovells, Deloitte and Monassier as notaries in France.
Cheyne was advised by Allen & Overy Paris and Milan (Caroline Delavet and Fabio Gregoris) as legal counsels and Étude Lasaygues as notaries in France (Francois Gauthier, Alexandre Baikalov, Morgan Chaix, Laura Pompe).
Image source Pexels.
Europe Real Estate — an overview of real estate developments in European countries.
