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Coima sells Excelsior Lido di Venezia to L + R

The Lido di Venezia II fund managed by Coima SGR concluded the sale of the Hotel Excelsior on the Lido di Venezia to the English operator London & Regional Hotels (L + R), the fund’s main shareholder and current hotel manager. In addition to the hotel, some ancillary assets were sold, including the concessions of the adjacent beaches. Therefore, only the other iconic hotel on the Lido of Venice remains in the fund’s assets, the Des Bains, closed since 2010 and on which a complex negotiation with the financing banks is pending.

We recall that Coima SGR already in 2015 took over the management of Lido di Venezia II (formerly Real Venice I, previously managed by Est Capital SGR), at the request of the shareholders and the banking class, with the task of restructuring the critical financial situation generated with the previous management, which the extraordinary administration was ordered by the MEF. At the end of June 2016 Coima SGR had signed an agreement with London & Regional Properties Group (L + R) which had committed itself to an overall investment of 120 million euros, becoming at the same time the main shareholder of the fund itself as well as the operator in charge of property management.

The sale value, according to the Coima note issued on Friday 29 July, in addition to exceeding the appraisal value of the assets sold, has allowed the debt relating to the hotel to be fully repaid (92 million). To date, therefore, the total financial debt of the fund is 137 million euros, of which 92 million relating to the Hotel Excelsior and ancillary assets (paid off) and 45 million to the complex of the Hotel Des Bains.