Hotel Bellevue Cortina d’Ampezzo, Emblems Collection
Castello Sgr announces financing of Hotel Bellevue in Cortina d'Ampezzo
Castello Sgr, a market-leading asset management company in the promotion and management of alternative investment instruments, mainly real estate, has secured financing of approximately €50 million on behalf of the Five Lakes closed-end real estate alternative investment fund for the development of the Hotel Bellevue Cortina d'Ampezzo, a five-star hotel project in the heart of Cortina d'Ampezzo, in the province of Belluno.
The financing was provided by Greek bank Alpha Bank, with Situs Asset Management Limited acting as agent.
Hotel Bellevue is located on Corso Italia, Cortina's main street, and will be positioned as a high-end "alpine club." The hotel will offer 80 rooms, including 27 suites with mountain views, as well as a 500-square-meter spa and indoor and outdoor pools. It will also feature a sophisticated food and beverage offering and spaces designed for exclusive hospitality in one of the most renowned locations in the Dolomites. The project is promoted by Prodea Investments and Invel Real Estate. Once completed, the hotel will be managed by Accor under the Emblems Collection brand.
Osborne Clarke and Legance advised Alpha Bank (as lender) and Castello Sgr (on behalf of the Five Lakes fund, as beneficiary) respectively, while Reed Smith advised Situs Asset Management Limited as agent.
"This transaction confirms Castello Sgr's commitment to supporting high-quality real estate projects with a strong development component in prime locations like Cortina. The financing represents a key step towards the realization of a high-end hotel project, destined to further strengthen the destination's attractiveness, thanks also to a top-tier international operator," commented Michelangelo Ripamonti, Head of Hospitality Investments at Castello Sgr.