Osborne Clarke advises on a real estate securitisation project in the luxury hospitality sector

Osborne Clarke advised Marra Family Office (MFO) - the lead arranger of a club deal comprising other family offices - on a real estate securitisation transaction in the luxury hospitality sector.

The project aims to acquire, renovate, and enhance existing hotel properties located in major Italian cities to create an innovative hotel chain that combines quality with local and cultural identity, with a view toward revitalizing tourism. The first acquisition involved a hotel located in Genoa.

The transaction has an expected duration of 7 years and was carried out through the issuance by SPV Real Estate S.r.l. of three classes of asset-backed securities for a total amount of 46.5 million euro. Banca Valsabbina acted as the sole investor in the senior securities, while the junior securities were subscribed by MFO and other family offices.

Along with the SPV, Boutique Club S.p.A. (the project’s operating company), Hotellerie S.r.l. (MFO’s hotel management company), and MB Capital (as Asset Manager) were also involved in the project. Banca Valsabbina also served as Account Bank and Paying Agent.

Osborne Clarke advised the SPV, Marra Family Office, Boutique Club, Hotellerie, and MB Capital with a multidisciplinary team led by partner Filippo Palmieri. For banking and finance matters, the team was coordinated by partner Antonio Fugaldi, assisted by associate Ilaria Cutolo; for corporate matters, the team consisted of senior associate Luigi Achille and associate Attilio Valguarnera; for regulatory matters, the team was led by partner Nunzia Melaccio, assisted by associate Giovanni Luca Andriolo; for real estate matters, the team was led by partner Benedetta Mussini.