Iconic Italian Hotel Resort Acquired by London Investment Firm

Main Photo: Capri Island, Italy. Photographer: LukeWaitPhotography/iStockphoto via Getty Images

Date: May 2019

Location: Anacapri, Capri Island, Italy

Name: Capri Palace Hotel & Spa

No. of Keys: 68

Seller: Turkish billionaire Ferit Sahenk’s Dogus Holding AS, who started seeking buyers for his luxury hotels across southern Europe, including the Capri Palace, in October 2018.

There was talk about Dubai Holding, owners of Jumeirah Group, stepping in to acquire the assets, in January 2019. Sahenk, who once held the title of Turkey’s richest man, has spent heavily on hospitality businesses at home and abroad, following the sale of his 31 percent stake in Turkiye Garanti Bankasi for almost $5.5 billion.

Buyer: Centricus has acquired the iconic Capri Palace Hotel & Spa as it makes a foray into the high-end hotel and resorts sector. Centricus was founded by former Deutsche Bank AG banker Nizar Al Bassam and Dalinc Ariburnu, a former partner at Goldman Sachs Group Inc.

The firm focuses on investments in sectors such as financial services and infrastructure among others. It also helped Masayoshi Son raise a $100 billion technology fund.

Centricus oversees more than $23 billion in assets, has purchased all of the resort, which is located in Anacapri, a small town in the northwest of the island off the Italian coast, according to a statement seen by Bloomberg. It features 68 guest rooms and is home to Capri’s only two Michelin-starred restaurants. Guests have included Oprah Winfrey, Leonardo DiCaprio and Gwyneth Paltrow.

No financial terms of the transaction was disclosed.

Lured by high returns, capital is flowing into high-end resorts and hotels from alternative investment managers and strategic buyers.

THPT Comment: Everyone wants to get into Luxury Hotels…well done Centricus…does one feel sorry for Dogus’s Ferit Sahenk?

First Seen: Bloomberg

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