Bain Capital Credit’s special situations strategy became “Bain Capital Special Situations” in Fall 2022.
LONDON/MILAN, 22 October, 2021 – Bain Capital Credit LP (“Bain Capital”) and Omnam Group (“Omnam”) today announced the creation of a new joint venture (“JV”) in hospitality development whose first acquisition is that of the 285-key Hotel Britannia Excelsior, through a fund managed by Kryalos SGR. The iconic building is located on the shores of the prestigious Lake Como and will be redeveloped into the most desirable 5* luxury lifestyle hotel on the Lake through a comprehensive capex programme.
Bain Capital now owns over 35 hotels in Italy with 2,500 keys and over 115 hotels across Europe with 8,000 keys, whilst this project is Omnam’s fourth hotel project in the country.
Hotel Britannia Excelsior is a majestic 19th century building located on Lake Como’s shore with breath-taking views of Bellagio and the Grigna mountains. The hotel includes 13,500 sqm indoor and 5,300 sqm outdoor areas. The repositioned hotel will comprise over 2,000 sqm of food and beverage facilities with Lake-view bars and restaurants, the largest floating pool on the Lake at 1,400 sqm, a unique 2,300 sqm Lido and 4,000 sqm buildable area that will be converted into a spa, conference centre and parking areas.
Lake Como, located only one hour from the Milan Malpensa Airport, has enjoyed visitor growth in recent years with strong international demand and an increasingly younger demographic of travellers. Honouring the intimate history of the Hotel and the Lake’s rich heritage, the JV will transform the Asset into an approachable luxury lifestyle destination that offers a vibrant experience, an extensive range of food and beverage venues and premium wellness and fitness facilities.
“We are delighted to launch our JV with Omnam with such a prestigious acquisition,” said Fabio Longo, Managing Director at Bain Capital. “We are pleased to be able to bring our extensive experience in the Italian market to develop this asset with Omnam into a luxury lifestyle destination. Hotel Britannia Excelsior is a fantastic opportunity within the value-add, leisure-led hospitality market. This enhances the substantial real estate portfolio we have built throughout Europe, which we are actively growing through similarly attractive investment opportunities.”
“This acquisition will help us to bring new life to Lake Como and marks the first milestone between Omnam and Bain Capital in our broader collaboration through the JV.” says David Zisser, CEO of Omnam. “Omnam aims to create a new sophisticated luxury hotel experience that celebrates the natural beauty of Lake Como while remaining accessible for everybody to enjoy.
“Our expertise lies in complex developments with the intention of transforming the ordinary into contemporary by creating a true hospitality destination with multiple concepts of best-in-class F&B offerings, vibrant nightlife and distinctive design that answer the new- modern traveller’s desires and needs.
“We are happy and proud to add this magnificent asset to our portfolio and we look forward to developing our joint venture through further acquisitions within the promising hospitality sector. We will take advantage of Omnam’s experience with its W Rome, Four Seasons Puglia and Baccarat Florence in the development of this unique asset”
“Hotel investments are on the rise in Italy, which remains at the top of the choices made by major international operators” said Paolo Bottelli, Chief Executive Officer of Kryalos Sgr. “In the coming months, we want to consolidate this trend, with particular attention not only to large tourist cities, which remain at the forefront of investment choices, but also to equally excellent areas such as lakes and renowned seaside or mountain resorts. As investors and operators look to the sector with growing interest, years of strong expansion and new openings are expected that will improve the offering, making it more competitive and in line with global standards. The three parties’ extensive experience in this market has enabled us to collaborate in this transaction."
Omnam and Bain Capital were advised on this acquisition by DLA PIPER, LinkLaters, CBRE and Addleshaw Goddard.
About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $48 billion in assets under management. Bain Capital invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities. Our team of more than 240 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.
About Omnam Group
Omnam (www.omnamgroup.com) is a diverse global real estate investor and developer with an incisive vision to source and develop iconic real estate assets. Omnam's core expertise lies in medium to large-scale hotels, aparthotels, residential and mixed-use developments in Europe; its portfolio includes projects in The Netherlands, Belgium, France and Italy.
About Kryalos SGR
With €8.5 billion of AUM and a team of 90 professionals, Kryalos SGR is one of the most active players in the Italian real estate market. Kryalos offers fund management, acquisition, advisory and development services and is a partner of Italian and international leaders.