First Growth Real Estate Refinance the Park Hyatt Hotel, Milan for €66m

Main Photo: The Park Hyatt Milan

Date: January 2021

Location: Via Tommaso Grossi, Milan, Italy

Name: The Park Hyatt Milan

No. of Keys: 106, including 25 suites

Owner: TBA

Funder: Cleary Gottlieb assisted the company that owns the Park Hyatt Hotel 5 * in Milan in the legal aspects of a multi-tranche financing transaction for an amount of approximately €66m, with First Growth Real Estate acting as financial advisor in sourcing and debt structuring. The loan includes a line intended for the refinancing of existing debt, the disbursement of a capex tranche, as well as a credit line that will be guaranteed by SACE pursuant to the Liquidity Decree.

The transaction closed on 18 December 2020 and was financed by MPS Capital Services Banca per le Imprese and UniCredit, assisted by BonelliErede.

Located in Via Tommaso Grossi, the Park Hyatt is nestled in the historic district of Milan, has been awarded since 2011 as “Italy’s Leading Business Hotel” and has been ranked in 2020 among the ten best City Hotels in Europe according to Travel + Leisure. The Hotel is a sumptuous classic building dating back to 1870 and transformed into a 106-room hotel in 2003.

The funding confirms the interest of the financiers of Milan’s high-end hospitality market for quality assets, regardless of uncertainty. linked to the pandemic.

Cleary Gottlieb’s team was led by Carlo de Vito Piscicelli and included Alessandro Gennarino and Giulia Rimoldi. First Growth Real Estate was made up of Francesca Galante and Brice Griffond.

For Bonelli Erede a team led by partner Emanuela Da Rin, leader of the Real Estate Focus Team, and made up of managing associate Alfonso Stanzione, associate Martina De Donato and Francesco De Filippi acted. The administrative law aspects of the transaction were followed by the senior associate Antongiulio Carbonara.

THPT Comment: Clearly big confidence in this top-end hotel in Milan, from the money-men.

First Seen: Property EU

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