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Insight Comment |
Hotel Investment Partners (HIP) has signed its first investment in Italy with a deal for the purchase of six beachfront hotels on the islands of Sardinia and Sicily.
The portfolio includes three hotels located in Sardinia: Cala Blu, Marmorata and Agrustos, and three in Sicily: Brucoli, Costanza and Pollina. HIP is buying the hotels from Mangia’s, Resort by the Sea (formerly known as Aeroviaggi), and the Mangia family will continue to operate the hotels and will remain a shareholder in the joint venture.
The partners plan to invest approximately €85 million to reposition the hotels of the joint venture over the next several years.
What They Said
Marcello Mangia, president of Aeroviaggi, said: “This deal represents a fundamental step in achieving our group's ambitious growth objectives, aimed at repositioning the assets in the upscale leisure segment, with a strong focus on sustainability, digitalisation and an innovative concept of affordable luxury.”
Alejandro Hernández-Puértolas, founder and CEO of HIP, said: “This acquisition expands HIP’s presence in Southern Europe. We continue to advance in our strategic growth plan and already have assets in Spain, Greece and Portugal, countries that are synonymous with high quality hospitality. We are delighted to have a strategic partner like the Mangia family - with almost 50 years of experience in the sector - who are key to successfully carrying out the value creation process for these six irreplaceable hotels. We also hope that this partnership will provide us with the opportunity to grow a bigger and longer-term presence in Italy.”