Strategic View: Marlin Real Estate (Algebris) sells TH Lazise Hotel Parchi del Garda to Corum Asset Management. Financing includes €32 million from Banco BPM plus €15 million from private investor club deal. 233-room hotel with Veneto region conference center.
Full story: Italian hospitality deals are getting creative. Marlin Real Estate just exited a prime asset. The TH Lazise Hotel sits in Verona’s Lake Garda region. It offers 233 rooms, an outdoor pool, and Veneto’s largest conference center. French buyer Corum Asset Management structured an innovative financing package. Traditional bank debt covers the base. But a club deal component adds flexibility.
Banco BPM provided €32 million in senior debt. That’s standard bank lending. Then came the twist: €15 million from a private investor club deal. These investors likely include high-net-worth individuals and family offices. Some may be specialized hospitality funds. They’re providing mezzanine or preferred equity capital. In exchange, they earn enhanced returns. Some gain governance rights or profit participation. This beats traditional senior debt economics.
Why use club financing? Banks limit concentration risk. For hospitality assets, leverage caps exist. Buyers want higher effective leverage than banks alone provide. Club deals bridge this gap. They layer capital efficiently. Risk and return get shared among aligned partners. For the private investors, the appeal is clear. They access a stabilized hospitality asset. The location is prime. Operations are established. Corum brings institutional management expertise. The structure reflects broader European real estate finance trends. Club deals are filling financing gaps. They enable transactions that might otherwise stall.
Summary: The TH Lazise Hotel transaction demonstrates how club deal financing structures are becoming essential in European hospitality acquisitions. By layering private investor capital alongside bank debt, buyers achieve higher leverage and more flexible terms while investors access curated, income-producing assets.
Source: BeBeez
