Global investment firm Sixth Street, in collaboration with independent financial advisory firm Eidos Partners has acquired Le Palme Hotel & Resort in Sardinia, Italy.
The property is located in Liscia di Vacca in Porto Cervo, a village in the Costa Smeralda.
Le Palme features 92 hotel rooms, a private beach, lake, garden, restaurant, and a pool.
Terms of the transaction have not been disclosed by the companies.
With the completion of the acquisition, Sixth Street and Eidos will undertake a renovation project to transform the 17,000m2 property into a five-star ultra-luxury resort.
The redeveloped property is expected to open in 2024.
The partners are currently in the process of selecting a hotel flag and property manager to co-manage the hotel.
Further, Eidos Partners will serve as operational asset manager.
Sixth Street in a statement said: “The firm has a long-term view and is committed to further grow its Italian investment portfolio across different industries with a focus on real estate.”
Gianni & Origoni, Legance, and EY acted as advisors for Sixth Street on the deal.
The acquisition of Le Palme marks Sixth Street’s first hotel and resort deal in Italy.
It comes after the company purchased five Spanish hotels located in Benidorm, Roquetas de Mar, Lloret de Mar and Salou in December 2021.
The Spanish acquisitions were carried out in partnership with Pierre & Vacances Spain.
Founded in 2009, Sixth Street has more than $60bn in assets under management.