Bain Capital and Omnam create hospitality joint venture and buy Italian hotel

Insight Comment
The luxury, lifestyle sector remains an extremely attractive area for investors as this new acquisition shows.

Bain Capital Credit and Omnam Group have agreed a new joint venture in hospitality development with the first acquisition being the 285-key Hotel Britannia Excelsior on the shores of Lake Como for an undisclosed amount.

The deal was executed through a fund managed by Italian asset manager Kryalos SGR. 

The property will be redeveloped into a five-star luxury, lifestyle hotel on the lake through a capex programme.

Bain Capital now owns more than 35 hotels in Italy with 2,500 keys and over 115 hotels across Europe with 8,000 keys, whilst this project is Omnam’s fourth in the country.

What They Said

Fabio Longo, managing director at Bain Capital: “We are delighted to launch our JV with Omnam with such a prestigious acquisition. We are pleased to be able to bring our extensive experience in the Italian market to develop this asset with Omnam into a luxury lifestyle destination.

"Hotel Britannia Excelsior is a fantastic opportunity within the value-add, leisure-led hospitality market. This enhances the substantial real estate portfolio we have built throughout Europe, which we are actively growing through similarly attractive investment opportunities.”

David Zisser, CEO of Omnam: This acquisition will help us to bring new life to Lake Como and marks the first milestone between Omnam and Bain Capital in our broader collaboration through the JV. Omnam aims to create a new sophisticated luxury hotel experience that celebrates the natural beauty of Lake Como while remaining accessible for everybody to enjoy. 

“Our expertise lies in complex developments with the intention of transforming the ordinary into contemporary by creating a true hospitality destination with multiple concepts of best-in-class F&B offerings, vibrant nightlife and distinctive design that answer the new- modern traveller’s desires and needs.”

“We are happy and proud to add this magnificent asset to our portfolio and we look forward to developing our joint venture through further acquisitions within the promising hospitality sector. We will take advantage of Omnam’s experience with its W Rome, Four Seasons Puglia and Baccarat Florence in the development of this unique asset” 

Paolo Bottelli, CEO of Kryalos Sgr: “Hotel investments are on the rise in Italy, which remains at the top of the choices made by major international operators. In the coming months, we want to consolidate this trend, with particular attention not only to large tourist cities, which remain at the forefront of investment choices, but also to equally excellent areas such as lakes and renowned seaside or mountain resorts.

"As investors and operators look to the sector with growing interest, years of strong expansion and new openings are expected that will improve the offering, making it more competitive and in line with global standards. The three parties’ extensive experience in this market has enabled us to collaborate in this transaction."