Italian hotel and leisure company Cipriani has secured a $190 million loan from Beach Point Capital Management and Sparta Capital Management to support its ongoing expansion plans.
Cipriani will use the funds to further develop its various locations and venues. These include the Cipriani Resort, Residences and Casino Punta Del Este, a new $500 million project in Uruguay.
The luxury oceanfront resort will feature a hotel with 64 suites in its first phase and 120 to follow. It will also have 68 residences, the first-ever Cipriani Casino, an exclusive beach club and luxury boutiques.
The group also owns and operates restaurants, private members’ clubs, event spaces, hotels and residences around the world. Its portfolio includes locations in Venice, New York City, London, Los Angeles, Miami, Monte Carlo and Dubai.
Cipriani to Accelerate Global Growth
Cipriani CEO Giuseppe Cipriani said the company “truly valued” the funding support. He said that it would help accelerate its expansion plans.
“This financing will accelerate the global expansion of our footprint,” he said. “Beach Point’s sector expertise, ingenuity and collaborative approach make them the ideal capital provider for Cipriani, including this unique project in Punta del Este, where we look forward to welcoming guests next year.”
Beach Point Capital Management is an alternative asset manager, while Sparta is a multi-strategy investment manager that makes public and private investments.
Michael Haynes, head of private credit, said: “We were thrilled to be able to partner the company to provide this carefully tailored financing to meet the capital needs of the company, as it builds on its strong momentum as a market-leading luxury brand.
“Beach Point has meaningful experience in the hospitality and gaming sector. We’re pleased to be able to couple that with our creativity and structuring expertise on this transaction.”
