MILAN--(BUSINESS WIRE)--The first sentence of the release should read: Milan-based hotel group The Dedica Anthology is pleased to announce that it successfully completed its planned €337 million refinancing. (instead of Milan-based hotel group The Dedica Anthology is pleased to announce that today it successfully completed its planned €337 million refinancing).
The corrected release reads:
THE DEDICA ANTHOLOGY COMPLETES ITS PLANNED REFINANCING
Milan-based hotel group The Dedica Anthology is pleased to announce that it successfully completed its planned €337 million refinancing.
The lender is Blackstone Real Estate Debt Strategies, and the facilities will refinance legacy loans and provide additional capital for The Dedica Anthology – owned by global alternative investment firm Värde Partners – to invest significantly in its estate. London-based real estate specialist JLL advised Värde Partners on the transaction.
Stephen Alden, CEO of The Dedica Anthology, commented: “We are delighted to have completed this complex refinancing. Our own team, the board, our advisors and the lending group have worked hard in collaboration to achieve this excellent result. Our focus is now fully on building The Dedica Anthology brand, carrying out strategic renovation and restoration work on our distinctive properties, strengthening our team and growing our business.”
Alessandro Grassivaro, CFO of The Dedica Anthology, added, “Dedica now has a firm financial foundation from which to invest in our real estate and build a successful brand for the future, both as owner as well as operator.”
Francisco Milone, Partner and Head of European Real Estate at Värde Partners, commented, “Since completing the purchase of Gruppo Boscolo in April 2017 we have put in place a new management team and rebranded the hotels to The Dedica Anthology throughout Italy, France, Hungary and the Czech Republic. Now with that strong management in place, a restructured balance sheet and a supportive and expert lender in Blackstone, the company is well-positioned for growth.”
Michael Zerda, Managing Director and Head of Europe for Blackstone Real Estate Debt Strategies, commented: “We are thrilled to have Värde as a valued new client and we’re excited to be a part of their repositioning of this iconic portfolio of hotels. We regularly provide speed and certainty for owners of large and complex multi-jurisdictional portfolios across the globe, and are proud to expand our whole loan lending business into Southern Europe in such a meaningful way.”
Chris Gow, Head of Debt Advisory, EMEA, in JLL's Hotels & Hospitality Group which advised Värde Partners, described the deal as a landmark. “The Dedica Anthology now has a supportive, long-term lender, as it invests in its portfolio to unlock significant revenue and value growth for the business.”
About The Dedica Anthology
Launched in 2018, The Dedica Anthology is a new brand in luxury hôtellerie based on a portfolio of distinctive hotels in Italy and across Europe. 'Dedica' refers to a dedication to the art of curated hotel-keeping, while 'Anthology' describes the collection of unique stories represented by the hotels and their guests. The Dedica Anthology creates inspiring spaces and engaging rituals in rhythm with its international guests' contemporary lives, pioneering a new vision of curated, contemporary hôtellerie.
About Värde Partners
Värde Partners is a $14 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including corporate and traded credit, real estate, mortgages, specialty finance, real assets and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore.
About Blackstone
Blackstone is one of the world's leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $457 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.