Recreaction Srl completed the sale of the Club Med Pragelato, one of the group’s leading mountain resorts located in the Via Lattea, (Milky Way) one of Europe’s most extensive ski regions.
Recreaction Srl completed the sale of the Club Med Pragelato resort to HSBC Assurances Vie for around €50 million.
This transaction is a testament to the fact that the right products with strong covenants continue to attract institutional capital. The Club Med Pragelato opened in 2012, following the conversion of an existing upscale resort to new generation 4-Trident Club Med specifications. The Club Med Pragelato is a finely appointed 234-unit resort-style hotel and accommodated over 20 chalets. The resort features a broad selection of food & beverage and leisure facilities, as well as boasting a dedicated gondola connecting the resort to the Via Lattea ski region, making it a ski-in, ski-out experience.
Mark Shaw, Director of Recreaction Srl, “We are extremely pleased to have secured a long-term institutional investor for this new 4-Trident Club Med mountain resort. The strength of Club Med as an all-inclusive hotel operator and the new long-term lease agreement is an attractive investment for an institutional investor, such as HSBC.”
Roberto Galano, head of JLL’s Hotels & Hospitality Group Italy, “This transaction underpins the importance of providing the market with the right product and that Italy continues to attract international investor interest.”
“Italy is one of the world’s most visited tourism destinations and our hotel market has registered robust increases in demand and trading performance in the past few years. With quality hotel trading fundamentals returning to pre-crisis levels and international tourism growing steadily, we expect increasing interest in hotel investments in Italy”.
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