Global alternative investment firm Värde Partners has completed the sale of a portfolio of eight luxury hotels operating under the brand of The Dedica Anthology for about €600m ($709m).
Covivio Hotels, a subsidiary of European real estate operator Covivio, is the buyer of these hotels.
In January this year, Värde initially signed a definitive agreement with Covivio to sell these eight luxury hotels.
Värde noted that these full service independent hotels comprise an aggregate of 1,115 rooms. They are located in the major tourist destinations of Rome, Prague, Florence, Nice, Budapest, and Venice.
Eastdil Secured, Ludovici Piccone & Partners and Gianni, Origoni, Grippo, Cappelli & Partners acted as advisors for the transaction.
Värde started acquiring the company’s (The Dedica Anthology) debt in 2016 through a complex series of transactions, eventually buying 100% of the equity in 2017.
It then took a number of steps to transform the business, which was re-branded The Dedica Anthology in 2018.
According to Värde, the eight hotels will now operate under NH Collection, NH Hotels and Anantara brands.
The eight hotels in the transaction include Palazzo Naiadi in Rome, Plaza Nice in Nice, Carlo IV in Prague and Palazzo Gaddi in Florence.
The remaining four include New York Palace and New York Residence in Budapest, as well as Grand Hotel Dei Dogi and Hotel Bellini in Venice.