Qatar Holding to Acquire Costa Smeralda Properties in Sardinia, Italy
Posted on 04/16/2012
According to the press release, “Qatar Holding announces it has signed a definitive agreement to acquire Smeralda Holding, owner of luxury hotel resorts on Costa Smeralda in Sardinia, from Colony Capital, the US-based real estate investment firm.
Under the terms of the agreement, Qatar Holding will acquire a portfolio consisting of four luxury hotels (Cala di Volpe, Pitrizza, Romazzino and Cervo) with a total of 372 rooms, the Porto Cervo Marina (host to the Yacht Club Costa Smeralda), the Porto Cervo Shipyard, the Pevero Golf Club (designed by Robert Trent Jones), a 51 percent interest in 2,290 hectares of adjacent undeveloped land and various other real estate assets in Costa Smeralda.
The existing management team of Smeralda Holding will remain in place following completion of the transaction and Starwood Hotels and Resorts Worldwide, Inc. will continue to manage the hotels.
Closing of the transaction is conditional on the receipt of antitrust approval from Italian competition authorities.
Commenting on the transaction, Ahmad Mohamed Al-Sayed, Managing Director and Chief Executive Officer of Qatar Holding, said:
“We are happy to have agreed terms for the acquisition of this established portfolio of luxury assets in Sardinia. We intend to continue supporting the on-going development programme which will see Costa Smeralda strengthen its position as a top luxury resort destination.”
Tom Barrack, Chairman and Chief Executive Officer of Colony Capital, added:
“I have said before that Costa Smeralda is for no one to own…it owns you. Our job was to leave it better than when we found it. We are now fortunate enough to transition this stewardship to the best, most respected, qualified and nurturing caretaker on the globe today in our partners at Qatar Holding. Their increased investment is a huge vote of confidence for Italy, Sardinia, Costa Smeralda and all of its peoples.”
Evercore Partners acted as financial adviser to Qatar Holding. Deutsche Bank AG acted as adviser to Colony.”
Source: Press Release