28 June 2007
Acting on behalf of LB FV LLC, a subsidiary of Lehman Brothers, the London office of hotel real estate specialist, Molinaro Koger has sold the 758-room, beach-front Forte Village Resort in Sardinia to Italian private real estate fund, FIMIT sgr for €312 million.
‘This is a rare opportunity to acquire one of the world’s leading resorts at a time when new markets are opening up for Sardinia in northern and eastern Europe,’ says Eric Kudlak, managing director, Europe, Molinaro Koger.
Built in 1969, the luxury resort is located on Sardinia’s southern coast, between the villages of Pula and Capo Spartivento, 45 kilometres from Sardinia’s capital, Cagliari and the Aeroporto di Cagliari Elmas. Set in 55 acres of lush parkland and pine forest, Forte Village comprises seven five-star deluxe and four-star hotels, 21 restaurants and 12 bars, a Thalassotherapy Spa and extensive sport and leisure facilities, including 13 swimming pools, 12 tennis courts and an open-air ice skating rink. It has nearly 3000 metres square of meeting space and an exclusive shopping mall, The Piazza, home to international retailers Gucci, Mont Blanc, Bulgari, Diesel and Rolex.
In the past five years, Forte Village has experienced exceptional increases in ADR of 15.8 per cent and in RevPAR of 3.3 per cent. Italians account for 44 per cent of guests, with over 50 per cent repeat business. The UK accounts for 21 per cent of total demand but this figure is forecast to increase due to an increased number of direct flights.
There are only a limited number of luxury hotels on the island, with the majority to be found in the north, at least four hours from Forte Village. According to Smith Travel Research, the resort has consistently out-performed competitor hotels in occupancy, ADR and RevPAR.
Forte Village has won a range of accolades, including the Winner in the World Travel Awards of the ‘World’s Leading Resort’ (1998 to 2004) and ‘Europe’s Leading Resort (1998–2004), Readers Choice Awards 2003, Condé Nast Traveler) and Star Diamond Award 2001–2004 from The American Academy of Hospitality Science.
In 2006, Molinaro Koger acted on behalf of Blackstone in the sale of the Great Eastern Hotel, London, for £150 million. It has also brokered the acquisition of the Copenhagen Marriott Hotel and the Sheraton Hotel Krakow.
In addition to Molinaro Koger acting as agent, Lehman Brothers served as financial advisor to LB FV LLC and Freshfields Bruckhaus Deringer served as legal counsel.
Molinaro Koger was founded in 1959 to provide specialist hotel real estate advisory services to the industry. Working exclusively in the hotel sector, the Washington DC-based company is one of the top three hotel real estate companies in the US, with 11 offices in the USA, Beijing, London and Shanghai. Recent European assignments by the London office include the Great Eastern Hotel, London; Prague Marriott; and various properties in the UK, France, Portugal and Poland.
Caroline Murdoch, Redworks PR, +44 (0) 1869 810 443, firstname.lastname@example.org