Sixth Street enters the Italian luxury hotel market by acquiring Le Palme Hotel & Resort in Porto Cervo
January 18, 2022 – Sixth Street, a leading global investment firm with over $60 billion in assets under management, in partnership with Eidos Partners, an independent financial advisory firm, has completed the purchase of the Le Palme Hotel & Resort property in Porto Cervo on the Costa Smeralda in Sardinia, Italy.
The Le Palme purchase is Sixth Street’s first hotel and resort acquisition in Italy and follows the acquisition of five hotels in Spain in December 2021. Eidos Partners will act as operational asset manager as Sixth Street and Eidos comprehensively redevelop the 17,000 sqm property into a five-star ultra-luxury resort with an expected opening in 2024.
Sixth Street and Eidos are in the selection process of a renowned hotel flag and property manager to create a new partnership for the co-management of the ultra-luxury hotel in Porto Cervo.
The Le Palme property is located in Liscia di Vacca in Porto Cervo, the main village of the Costa Smeralda, an important Italian luxury destination. The Le Palme property today includes a private beach, lake, garden, restaurant, pool and 92 hotel rooms.
The new investment is added to Sixth Street’s Italian portfolio that includes logistics, offices, residential, student housing, telecom infrastructure and now hospitality assets. The firm has a long-term view and is committed to further grow its Italian investment portfolio across different industries with a focus on real estate.
Gianni & Origoni, Legance, and EY served as advisors to Sixth Street on the transaction.
Sixth Street is a global investment firm with over $60 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Sixth Street’s London-based European real estate team partners with property managers and institutional investors to acquire, finance, and provide servicing expertise for assets across the real estate sector. Founded in 2009, Sixth Street has more than 350 team members including over 180 investment professionals around the world. For more information, visit www.sixthstreet.com or follow Sixth Street on LinkedIn.
Eidos Partners provides independent financial advisory services from its Milan office to companies, entrepreneurs, financial institutions, pension funds, public institutions, institutional investors, including private equity funds, hedge funds and family offices. As an independent company, Eidos Partners is best placed to offer objective and impartial advice. Its aim is to exceed clients’ expectations and provide them with all the support necessary to develop strategies for growth and to manage change.
Barabino & Partners
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