Group buys majority stake in Italian hotels
Italian private equity group Investindustrial has bought a majority stake in the country’s fourth-largest hotel group with a view to expanding in southern Europe.
Investindustrial, which in 2014 lost out to Chinese conglomerate Fosun International in a bidding war for France’s Club Mediterranee, paid around US100 million ($114 million) euros, according to a source close to the matter.
Valtur, owned by Montenegrin businessman Franjo Ljuljdjuraj, operates 24 resorts in Italy and Croatia, of which three are directly owned by the group. It manages another six resorts in southern Europe. Ljuljdjuraj will retain a minority stake.
Investindustrial, led by businessman Andrea Bonomi, said it will strengthen Valtur as a resort operator in Italy and expand in the Mediterranean area.
“The plan includes new investments in existing resorts to increase the offer of four-star hotels, the opening of new locations every year and acquisitions,” the private equity firm said in a statement.
As a first step, Investindustrial has agreed to buy from property group Prelios three Italian holiday resorts already operated by Valtur. It also secured a long-term rental contract for holiday resort Tanka Village in Sardinia.