The agreement is centred on a joint venture for the co-ownership of Mangia’s six collection resorts in Sicily and Sardinia. The plan is to invest 85 million Euros and reposition Mangia’s in the premium market segment.
Palermo, December 17, 2021 – Mangia’s, the proprietary brand of Aeroviaggi Group – the number one Italian hotel chain for proprietary room market share among the top 10 hospitality brands in Italy – has signed a strategic partnership with Blackstone, through the Hotel Investment Partners (HIP) subsidiary, the biggest resort owner in southern Europe.
The agreement includes the creation of a Newco joint venture in which the Mangia family retains the management of all the hotel facilities and a role as major shareholder. The new company comprises six of the thirteen resorts of Mangia’s collection located in prestigious locations in Sicily and Sardinia.
In short, the collection of six Mangia’s resorts is the subject of the joint venture with HIP, and consists of three hotels located in Sardinia: Cala Blu and Marmorata in Santa Teresa Gallura and Agrustos in Budoni; as well as three in Sicily: Brucoli near Siracusa, Costanza in Selinunte and Pollina in Cefalù.
The six hotels, comprising over 1,900 rooms, are situated in prestigious tourist locations, the very best of Made in Italy tourism, featuring sea views and set in uncontaminated natural landscapes.
The joint venture will include investments of around 85 million Euros over the next few years leading to a further enhancement of the resorts – which will continue to operate under the Mangia’s banner – and their repositioning in the premium segment of the hospitality market.
The transaction has a major strategic value for Aeroviaggi Group, which, following the creation of the Mangia’s brand, paves the way to grow its development and expansion project.
In completing the transaction, Aeroviaggi Group was assisted by Lazard as Financial Advisor (i.e. Giacomo Liberti and Sergio Martinelli) and by the Gianni & Origoni Law Firm (i.e. the lawyers, Mariasole Conticelli, Massimiliano Macaione, Fabio Chiarenza and Nicola Zito) as Legal Advisor.
“We are proud to announce that Blackstone, one of the most important funds in the world, has selected Mangia’s for a partnership that brings HIP into the Italian hospitality market for the first time. This is a unique opportunity for us: together with HIP, we will promote and boost the development projects by Aeroviaggi, which is consolidating its position as a management company, and of our Mangia’s brand, with the aim of embodying all the values and quality of the Made in Italy hospitality experience and implementing the innovative concept of affordable luxury”, stated Marcello Mangia, President of Aeroviaggi S.p.A.