Boscolo has Starwood as frontrunner to acquire stake
Boscolo, the privately held Italian hotel group, has Starwood Hotels and Resorts , the US-based hotel and leisure company, as frontrunner to buy a stake in the company, the Italian-language daily Milano Finanza reported.
Starwood is putting forward two options, the unsourced report claimed. In the first option, Starwood will pay EUR 350m for the hotels and real estate but would leave the management of the chain in the hands of the Boscolo family for the next 18 years, the report added.
The second option would see Starwood take over the management of the hotels, as well as the property, for EUR 375m.
Private equity firm Blackstone is still interested in Boscolo, as is Cassa Depositi e Prestiti (CdP), the holding of the Italian Treasury.
Starwood is being advised by the Dentons law firm. CdP is being advised by the Gattai law firm, the item added.
Boscolo is running to a tight deadline in terms of selling the stake. If a buyer is not found by 30 June, creditor banks owed EUR 330m can demand the payment of a EUR 80m tranche, the report comcluded.
Milano Finanza daily edition