After 55 years of changes in ownership, the property adjacent to the hotel was repurchased by the operator. The structure, located on the shores of Lake Como, had been transformed into a luxury hotel in 1873, and is now part of the GH Villa d’Este’s offer as a private residence. The property is currently spread over three floors, has a total area of 2,500 square meters and is surrounded by an 8,000 square meter park, which is the natural continuation of the hotel. There is also a greenhouse, a dock and a pier. The Villa will undergo a complete restoration. Meanwhile the development of Musa Hotel Lago di Como, a new 12-key 5-star boutique hotel, scheduled to open on May 15th, was recently announced in the resort.
Less recent, but still significant, was the acquisition of Ross Whieldon’s Hotel Britannia Excelsior by Bain Capital for a trading value of around EUR 50 million (approx. EUR 175 thousand per key). Considering an EBITDA base (2019) of EUR 2.9 million, the transaction would show a cap-rate of 5.8%. The Britannia Excelsior can count on approximately 285 keys in total. The hotel was acquired as a joint venture between Bain Capital and Omnam Group through a fund managed by Kryalos. The acquisition of the Hotel Britannia Excelsior will be followed by the transformation of the property, which covers 13.5 thousand square meters of internal space and 5.3 thousand square meters of outdoor spaces, into a luxury lifestyle hotel through an intense CapEx investment plan. Once redeveloped, the hotel will include more than 2,000 square meters of catering spaces with bars and restaurants overlooking the lake, a floating pool of 1,400 square meters, a beach area of 2,300 square meters and a building area of 4,000 square meters which will be transformed into a SPA, congresses and parking areas.
According to confidential sources, the previous property, will allocate part of the capital from the sale reinvesting it in the redevelopment of another property, the Hotel Bazzoni in Tremezzo (CO), a 137-key 3* also on Lake Como. In the destination of Como the 5 * hotels have seen an average increase of the CAGR + 12.1% in the revenue / key values to reach an average of 207 thousand EUR per room in 2019. Volumes downsized by -73% in 2020 when the latter stood, on average, around EUR 56 thousand per key. As for the marginality of the hotels in the panel, the latter traveled on average around 20%. With the opening in May of Musa Hotel Lago di Como, and of Villa Passalacqua in late spring this year, the luxury offer will increase to 11 properties, for a total of 629 keys. The opening of the Excelsior Britannia Hotel is scheduled for 2023 after being repositioned as 5*.
We also remind you that the presence of the main international networks is strong in the destination, in fact, 7 out of 9 facilities in the locality are affiliated to The Leading Hotels of the World, Small Luxury Hotels of the World or Preferred Hotels & Resorts.