Varde Partners completes sale of luxury hotel group The Dedica Anthology
Värde Partners, a global alternative investment firm, has announced the successful completion of its previously announced sale of a portfolio of eight luxury hotels operating under The Dedica Anthology brand ("Dedica") to Covivio, a European real estate operator, through its subsidiary Covivio Hotels.
The portfolio comprises eight luxury full service independent hotels with an aggregate of 1,115 rooms located in the major tourist destinations of Rome, Nice, Budapest, Prague, Florence and Venice.
Värde began buying the debt of the company in 2016, ultimately acquiring 100% of the equity in 2017. Värde transformed the hotel group by appointing a best-in-class management team, refinancing the business, and executing an ambitious investment programme. In 2018 the hotels were re-branded The Dedica Anthology.
The property portfolio will be operated under the brands NH Collection, NH Hotels and Anantara. The eight hotels included in the transaction are:
- Rome - Palazzo Naiadi
- Nice - Plaza Nice
- Budapest - New York Palace
- Budapest - New York Residence
- Prague - Carlo IV
- Florence - Palazzo Gaddi
- Venice - Grand Hotel Dei Dogi
- Venice - Hotel Bellini
Eastdil Secured, Ludovici Piccone & Partners and Gianni, Origoni, Grippo, Cappelli & Partners acted as advisors on the transaction.
About The Dedica Anthology
The Dedica Anthology is a portfolio of eight distinctive hotels in select cities in Italy and across Europe. Pioneering a new vision of curated, contemporary hôtellerie, the brand fuses classic locations with a modern mindset and skilled hotelcraft, to create places where people want to be, and return to. '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.