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100% of the Excelsior to L&R Hotels. Coima to relaunch Des Bains

By Thursday, 29 September 2022 12:28

The Excelsior in Venice is now 100% owned by London & Regional Hotels, and Coima is to relaunch the Des Bains.

In fact asset management company Coima has sold the Excelsior on behalf of the Lido di Venezia II fund, to the English hotel company L + R. The transaction also concerns some ancillary assets, including beach concessions. It also guarantees, among other things, the repayment of 100% of the original loan from Intesa San Paolo and Unicredit for €92 million, with a reduction of approximately 70% of the total original debt of the Lido di Venezia II fund.

A restyling for the Des Bains 

As part of the transaction, London & Regional Hotels has made additional resources available for the restructuring of the original Des Bains loans, favouring the related enhancement plan. With the Des Bains debt restructuring Coima hopes the banks will be able to give the go-ahead to the recapitalization plan for a total of 150 million, which is aimed at restyling the Des Bains.

Two historical Venetian properties 

"The agreement - explains a note from Coima – is a significant milestone in the financial restructuring of the Lido di Venezia II fund. Having taken over the management of the fund on 30 January 2015 at the request of the shareholders and the banks, with the fiduciary assignment to restructure the critical financial situation generated by the previous management, we had to face a legacy of financial debt that to date amounts to approximately €137 million, of which 92 million for the Excelsior hotel and ancillary assets, and 45 million for the Des Bains complex.”

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