Kinstellar and Ashurst have advised the Dedica Anthology hotel group, owned by Varde Partners, on a EUR 337 million bond financing related to its 2017 takeover of Italian hotel group Gruppo Buscolo. The debt provider, Blackstone Real Estate Debt Strategies, was advised by Lakatos, Koves & Partners, Clifford Chance's Milan office.
After completing its takeover of Gruppo Boscolo in April 2017, alternative investment firm Varde Partners re-branded the hotels to The Dedica Anthology throughout Italy, France, Hungary, and the Czech Republic. The purpose of the Blackstone bond financing was to refinance legacy loans and provide additional capital to invest in its estates
According to Kinstellar, “the transaction represents one of the largest bond issuances by an alternative debt provider in the Italian real estate market.”
The Kinstellar team was led by Partner Csilla Andreko and Counsel Martina Brezinova and included Senior Associates Zsuzsa Andreko and Pavla Krskova and Junior Associates Peter Benczik and Alice Radvanovska.
The Ashurst Milan team was led by Partner Mario Lisanti, assisted by Counsel Annalisa Santini, Senior Associate Gianluca Coggiola, Associate Anna Giulia Chiarugi, and Trainees Alessandro Generali and Martina Riva. The London team was led by Partner Jessica Jenner, supported by Senior Associate Sarah Winter and included also Partners Francis Kucera, James Coiley, and Malcolm Charles and Associates Sophia Bathgate and Jenny Wan. The Paris team was led by Partner Hassan Javanshir, supported by Senior Associate Thomas Ehrecke and included Partners Anne Reffay and Emmanuelle Pontnau-Faure, Senior Associate Isaure Sander, and Associate Solene Guyon. The New York team involved Partner Michael Neary and Counsel Matthew Haist.