Värde Partners completes sale of luxury hotel group The Dedica Anthology
Värde Partners has completed 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 per cent 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.