London & Regional Properties and a consortium of investors have relaunched a fund that owns and will refurbish three hotels on the Venice Lido.
Investment manager COIMA SGR restructured the former Real Venice I fund into the Lido di Venezia II, which includes the Hotel Excelsior, Hotel Des Bains, and Palazzo Marconi.
It was appointed to manage and restructure the former fund in 2015, when it was defaulting.
Agreement was reached to create the new fund on May 9, with Intesa Sanpaolo and UniCredit providing lending of up to €250m to support refurbishment of two of the hotels.
Participants in the fund include the Cassa di Risparmio Padua and Rovigo Foundation, Pension Fund for the Personnel of the former Bank of Rome, London & Regional Properties Group, and COIMA SGR itself.
COIMA SGR managing director Manfredi Catella said: “The agreement reached with Intesa San Paolo, Unicredit and London & Regional, following the completion of corporate restructuring, is a first decisive result in the start-up of the Lido di Venezia collaboration with the city’s institutions and with the community.
“The regeneration of the Lido in Venice can be an important pilot project for tourism in Italy.”
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