Acquisition of Bonvecchiati SpA: Andersen support in the operation

| Press

The M&A team, coordinated by Paolo Trevisanato and Andrea di Castri, supported as tax and legal advisor the joint venture Venice Il Cuore Acquico Srl in all phases of the purchase and sale transaction of the company Bonvecchiati SpA, which includes the historic Bonvecchiati Hotel.

The joint venture that led the project, Venice Il Cuore Acquico Srl, was set up in February this year by the Luxembourg fund ECE European Lodging Recovery Fund, at its first investment in Italy in the hospitality sector, the German developer Denkmalneu (specialized in building conversion and development of commercial and mixed-use properties in urban contexts), and Austria’s largest private fund, Soravia Equity.

 

Andersen took care of the definition of the phases of the whole operation: from the preliminary analysis to the due diligence, up to the negotiation and signing of the contracts, in a perspective of cooperation with the client and collaboration with the counterpart.

Among the professionals involved, the certified public accountant expert in real estate Giovanni Gallucci and the lawyers Nicole Frigo, Antonio de Paoli, Sara Cancian and Luca Condoleo. The notary Alberto Gasparotti, operating in the district of Venice and expert in corporate matters, took care of the notarial advice.

 

The company Bonvecchiati owns, in addition to the Hotel Bonvecchiati, also a complex consisting of the Palace Bonvecchiati and the Residence Bonvecchiati, as well as commercial areas. The two 4-star hotels, one of which was built in 1790, are located a few steps from San Marco, also accessible by water from two canals. The project includes the complete renovation and modernization to enhance the property that also includes a restaurant.

The large property with more than 10,000 square meters was acquired directly from the owner families, who also previously operated the business.

 

“As a Venetian in love with my city – says Paolo Trevisanato, partner of Andersen in Italy – I am proud to have contributed to an operation that will improve the quality of the tourist offer and I hope that there will also be opportunities to work together with the partners of the initiative to improve the social and cultural ecosystem of Venice. In a city where the average tourist occupancy rate pre-pandemic was 73% – continues Trevisanato – the investment choice of our client is a winning one. Financial investors are fundamental for a strategic sector for Venice, such as the hotel industry”.

“It’s nice to see the strong and renewed interest on Italy by international investors – added Andrea di Castri, partner of Andersen in Italy -. Being able to assist them in complex operations, combining our multidisciplinary skills and our widespread presence in the territory, is certainly a source of satisfaction and, in cases like these, can be an important added value for our clients.”