280 million re-financing for Bauer in Venice

The Bauer Hotel in Venice is changing pace on the financial front. Mohari Hospitality and Omnam Investment Group closed a EUR 280 million refinancing, led by a pool of Italian banks, to support the renovation of the hotel and the nearby Grunwald Residence.

The operation marks a crucial step in the transformation of the hotel, which will be flanked by the Residenza Grunwald, also owned by Bauer Sicaf, a real estate investment vehicle created to strengthen the ownership structure of the complex. The company has also obtained a green loan of more than 250 million euro from leading Italian institutions, confirming the banking system's interest in a project that combines redevelopment, sustainability and valorisation of historic assets.

"The Bauer perfectly represents our vision of creating a collection of luxury destinations defined by iconic locations, heritage and exceptional experiences," said Mark Scheinberg, founder and principal of Mohari Hospitality. "This refinancing marks a key moment in our journey to restore the Bauer to its role as a benchmark among Europe's most prestigious hotels.

The first progress of the construction site is already visible, with the appointment of the main design teams and the start of works by the general contractor. The aim is to return the hotel to the centrality it has had for decades in the Venetian and international hospitality scene, updating its profile to the new requirements of the luxury market.

In the transaction, Lumi asset management acted as financial adviser in the restructuring and refinancing, while Dla Piper advised Mohari and Omnam on due diligence, tax and legal aspects. The firm McDermott advised the pool of lenders.