Oaktree to sell five hotels for 350 million

Oaktree Capital Management is preparing to sell a portfolio of five Italian hotels for around EUR 350 million. The indiscretion is from Green Street News. The Westmont portfolio includes some thermal resorts, in Tuscany, as well as hotels in the city, between Florence and Milan, for a total of about 600-650 rooms.

In detail, these would include three spa facilities in Tuscany: Fonteverde (80 rooms), Grotta Giusti (60 rooms) and Bagni di Pisa (60 rooms), as well as the Anglo American Hotel Florence (120 rooms) in Florence and the Duo Milan Porta Nuova (240 rooms) in Milan. All properties are currently managed by Italian Hospitality Collection, Oaktree's proprietary platform of luxury hotels throughout Italia.

 In 2019, Oaktree Capital Management had finalised a major deal in the hotel sector in Italia, acquiring a portfolio of 15 hotels previously managed by Castello Sgr for a countervalue of €250m and a total of 1,600 rooms. These luxury properties included the two spa resorts Fonteverde and Grotta Giusti in Tuscany. In June 2020, Oaktree Capital Management had chosen to sell 80% of the share capital of Castello Sgr to Anima Holding, retaining the remaining 20% of the capital and representation on the board of Castello.
In December 2024, Eastdil assisted Oaktree in the EUR 170m refinancing of a separate Italia hotel portfolio with UniCredit and Intesa Sanpaolo, valuing the assets at around EUR 400m.

In mid-April alone, Covivio acquired four 4-star hotels in Milan for EUR 217 million. The French real estate group accelerates its expansion in the hotel sector in Italia. With a total of 900 rooms, the properties are distributed between Scalo Farini, Bicocca, Porta Venezia and Piazzale Loreto.