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Schoenherr Advises Covivio on Purchase of Hotels from Varde Partners

Schoenherr Advises Covivio on Purchase of Hotels from Varde Partners

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Schoenherr, in cooperation with BonelliErede, advised Covivio on the acquisition of eight luxury hotels in Europe from Varde Partners, a global alternative investment firm, for EUR 573 million. Varde was reportedly advised by Italian firms Gianni Origoni Grippo Cappelli and Partners and Ludovici Piccone and Partners.

Covivio is a European real estate operator, and its business is focused on offices, real estate, hotels, and residential properties. According to Schoenherr, “concentrated in the heart of major European cities, its portfolio comprises offices, hotels and housing valued at EUR 24 billion (end of 2019). With this acquisition, eight hotels, mostly five-star, are being added to the Covivio portfolio: Palazzo Naiadi in Rome; Plaza Nice in Nice; New York Palace and New York Residence in Budapest; Carlo IV in Prague; Palazzo Gaddi in Florence; and Grand Hotel Dei Dogi and Hotel Bellini in Venice.”

Schoenherr’s Austrian team included Partner Michael Lagler and Counsel Clemens Rainer. Its Czech team included Partner Martin Kubanek and Attorney Viktor Pakosta, and its Hungarian team included Partner Kinga Hetenyi, Attorneys Laszlo Krupl and Daniel Varga, and Associate Adrian Menczelesz.

Editor's Note: On September 14, 2020, Schoenherr announced that the deal had closed.

Subsequently, CEE Legal Matters learned that Lakatos, Koves & Partners had advised Blackstone Real Estate Debt Strategies, the lender on the financing of the deal. The firm's team was led by Partner John Fenemore and included lawyers Balazs Rokob and Viktoria Tamas.

Finally, CEE Legal Matters learned that Kinstellar advised Varde Partners on the deal. The firm's team was led by Budapest-based Partner Gabor Gelencser and included, among others, Budapest-based Senior Associate Zsuzsa Andreko and Associates Daniel Peter and Laszlo Palocz, and Prague-based Partner Jan Juroska, Counsel Martina Brezinova, Senior Associate Michal Kniz, and Junior Associates Denisa Simanska and Alice Radvanovska.

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