Boscolo may sell stake to Northwood – report (translated)
Boscolo, the Italian luxury hotel group, could sell a stake to Northwood, the US-based real estate group, the Italian language daily Il Sole 24 Ore reported.
The report said that the Boscolo family would prefer to sell to Northwood as it would avoid ceding control, without citing sources. The report also said that Starwood, the US hotel group, is also interested in taking control of Boscolo.
Giorgio Boscolo, the head of the group, was cited in the report as saying that the hotel chain had drawn up a shortlist of three bidders and a choice on Boscolo's new shareholder will be made in September.
The report also said, without citing sources, that the plan would be to divide Boscolo in two parts, with one vehicle controlling hotel management. The report went on to say that the Boscolo family would have a majority stake in this vehicle.
The report said that the other part of the company would control the real estate assets, with the Boscolo family holding a minority stake.
The report noted that Boscolo is expecting EBITDA of EUR 35m in 2016 and EUR 38m in 2017.
The item added that Boscolo's debts presently stand at EUR 320m.
Il Sole 24 Ore