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Italian Hospitality Collection: Portfolio and renovation plan

Italian Hospitality Collection announced an EUR 45 million CapEX plan for the relaunch of 3 hotels.

The strategy aims at the redevelopment of 3 structures of the group’s hotel portfolio, included in the Star fund, managed by Castello SGR (a company controlled at 82% by the American fund Oaktree Capital Management). The portfolio comprises 3 properties located in Tuscany (Fonteverde, Bagni di Pisa, Grotta Giusti Thermal Spa Resort) 1 in Sardinia (Chia Laguna Resort) and 1 in Valle d’Aosta (Courmayeur) Le Massif, for a total of 549 rooms.

The buildings were already redeveloped, such as the Fonteverde, or will be soon subject to a restructuring process in the near future, like the Chia Laguna Resort and the Grotta Giusti, which will see the complete a renovation, for EUR 10 million, of the SPA area and of some other areas of the resort (with 5* upgrades under the brand Autograph by Marriott).

The total value of the investments made by the group in the 2020-2021 period would be equivalent to around EUR 45-50 million, approximately EUR 81-91 thousand per key.