{"id":1004379776,"date":"2020-01-07T04:38:42","date_gmt":"2020-01-07T12:38:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004379776"},"modified":"2020-01-07T04:38:42","modified_gmt":"2020-01-07T12:38:42","slug":"varde-partners-value-add-play-reels-in-641m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/varde-partners-value-add-play-reels-in-641m\/","title":{"rendered":"V\u00e4rde Partners\u2019 Value-Add Play Reels In $641M"},"content":{"rendered":"

V\u00e4rde Partners has agreed to sell its eight-property portfolio of luxury hotels under The Dedica Anthology brand to Covivio. The French real estate company will pay $641 million, or \u20ac573 million, in a transaction that is expected to close in the first half of 2020.  <\/p>\n

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READ ALSO<\/strong>: Video: Why Invest in Europe?<\/a><\/p>\n

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The 1,115-key portfolio of mostly five-star hotels is spread throughout popular European tourist destinations and includes Palazzo Naiadi in Rome, Plaza Nice in Nice, New York Palace and New York Residence in Budapest, Carlo IV in Prague, Palazzo Gaddi in Florence, and Grand Hotel Del Dogi and Hotel Bellini in Venice. Once the transaction closes, the hotels\u2019 new French owners will operate them under the NH Collection, NH Hotels and Anantara Hotel & Resorts<\/a> brands.<\/p>\n

At the same time as the eight-hotel deal, Covivio also purchased a 120-key Hilton hotel in Dublin for $50.9 million, or \u20ac45.5 million.<\/p>\n

Restoring an anthology<\/h2>\n

While bundled together as The Dedica Anthology brand now, each of the eight hotels had its own prestige. In 2016, V\u00e4rde began buying the debt of Gruppo Boscolo, the Italian company that owned the hotels that now make up The Dedica Anthology. Later in 2017, V\u00e4rde acquired 100 percent of the equity for the properties and rebranded them as The Dedica Anthology in 2018.<\/p>\n

Francisco Milone, partner & head of European real estate at V\u00e4rde, said the hotels were in severe financial difficulty and facing an uncertain future at the time of the acquisition. Sources familiar with the deal told Commercial Property Executive<\/em> that V\u00e4rde took several steps to bring the hotels back into financial stability, including refinancing the business, rebranding the hotels, putting in place an expert management team and pursuing an expensive renovation program.<\/p>\n

Following these major changes, the hotels were able to capture their full potential, according to Stephen Alden, CEO of The Dedica Anthology. He added that they\u2019re now better suited for the rapidly changing luxury hotel market that is seeing an increasing demand from travelers with a more Millennial mindset.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company is selling eight prestigious hotels spread out across popular European destinations, including Rome, Florence and Venice. <\/p>\n","protected":false},"author":883,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,16,21783,21742],"tags":[32805,48320],"class_list":["post-1004379776","post","type-post","status-publish","format-standard","hentry","category-deals","category-featured","category-hotel","category-international","category-investment","category-latest","tag-hilton","tag-varde"],"acf":[],"yoast_head":"\nV\u00e4rde Partners\u2019 Value-Add Play Reels In $641M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/varde-partners-value-add-play-reels-in-641m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"V\u00e4rde Partners\u2019 Value-Add Play Reels In $641M\" \/>\n<meta property=\"og:description\" content=\"The company is selling eight prestigious hotels spread out across popular European destinations, including Rome, Florence and Venice.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/varde-partners-value-add-play-reels-in-641m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-07T12:38:42+00:00\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/varde-partners-value-add-play-reels-in-641m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/varde-partners-value-add-play-reels-in-641m\/\",\"name\":\"V\u00e4rde Partners\u2019 Value-Add Play Reels In $641M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"datePublished\":\"2020-01-07T12:38:42+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/varde-partners-value-add-play-reels-in-641m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/varde-partners-value-add-play-reels-in-641m\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/varde-partners-value-add-play-reels-in-641m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"V\u00e4rde Partners\u2019 Value-Add Play Reels In $641M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1\",\"name\":\"Jackson Chen\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/jchenheadshot.png?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/jchenheadshot.png?w=96\",\"caption\":\"Jackson Chen\"},\"description\":\"Jackson Chen is a Connecticut-based freelance writer who has reported on real estate for more than five years. 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