CDP Group Invests in Italian Tourism, Helps Industry Grow

CDP Group Invests in Italian Tourism, Helps Industry Grow

CDP Investments Sgr acquires five resorts, mostly in southern Italy, and promotes the upgrading of real estate complexes on the Lido di Venezia and in Celle Ligure

Rome June 6, 2017

The CDP Group continues its mission of promoting the Italian tourism industry. CDP Investimenti Sgr kicked off the operation of the Investment Fund for Tourism (FIT) with the acquisition of five resorts in famous Italian tourist sites - mostly in the Italian South – with a €92 million-euro investment.

The initiatives represent FIT’s first acquisitions. In particular, thanks to the agreement signed by CDP Investimenti Sgr on behalf of the Fund, CDP Group from Hotelturist S.p.A. (TH Resorts) bought complexes located at the Marina di Pisticci (Basilicata) and the Marina di Sibari (Calabria). From the Valtur Group CDP purchased a beach resort hotel in Ostuni (Puglia), and north Italy mountain getaways in Marilleva (Trento) and Pila (Aaosta). The agreements provide for the modernization of properties and allow TH Resorts and Valtur to continue in the management of the facilities, focusing on their core business.

In the light of deals, CDP, as anchor investor, has approved a €150 million increase in FIT’s allocation, giving it further muscle to support entrepreneurs, bringing its  financial commitment to €250 million.

Additionally, CDP Investments Sgr (on behalf of the "Investment Fund for Valuation") and TH Resorts also signed an agreement to convert two unfinished real estate complexes. The former Marine Hospital on the Lido of Venice (in partnership with Club Med) and the former children’s rehabilitation hospital on the Italian Riviera at Celle Ligure (Liguria) will become hotels, in line with the leisure & hospitality model already successfully consolidated by TH Resorts in Italy.

"The size of Italian hotel groups still has potential for growth compared to that of large international groups," commented CDP Chief Executive Officer Fabio Gallia. “With this initiative we are promoting an evolution of the business model of the industry through the separation of real estate from management, in order to free up resources while creating vehicles capable of attracting more capital into the market to be used in new projects."

Together #wepromotethefuture of the Italian tourism sector.