Ares Management and hotel real estate: debt, equity and hospitality platforms

Ares Management is one of the leading global players in private credit, real estate, alternative strategies and capital solutions.

After Blackstone, Brookfield, KKR, Starwood Capital, Oaktree and Apollo, Ares adds a very important perspective to the series on global hotel investors.

Blackstone teaches how to read hotels as an asset class, a platform, a real estate cycle and a transformation machine.

Brookfield interprets hospitality as a real asset, tourism infrastructure and patient capital.

KKR shows the value of flexibility across private equity, credit, technology and capital solutions.

Starwood Capital demonstrates the power of brands, design, lifestyle and hospitality real estate.

Oaktree brings the culture of distressed credit, downside protection and capital stack discipline.

Apollo represents the logic of credit, insurance capital, asset-backed finance and capital structuring.

Ares Management sits in a different but complementary position: it is a global platform capable of combining private credit, real estate equity, real estate debt, secondaries, direct lending, opportunistic credit, infrastructure and capital solutions.

In the hotel sector, this combination is highly relevant.

Ares is not a hotel brand.

It is not an operator such as Marriott, Hilton, Hyatt, Accor or Four Seasons.

It is not a hospitality brand creator like Starwood Capital.

It cannot be identified only with distressed investing like Oaktree.

It is not only insurance capital like Apollo.

Ares is a capital platform capable of entering hotels from several angles:

• debt;

• equity;

• real estate;

• secondaries;

• refinancing;

• capital solutions;

• preferred equity;

• direct lending;

• recapitalization;

• operating platforms;

• portfolio acquisitions;

• management of complex assets.

Its role is important because the European hotel sector is entering a new phase.

After the shocks of the pandemic, the rise in interest rates, the return of tourism, the recovery of leisure demand and the tighter stance of traditional bank credit, many hotels do not only need buyers.

They need flexible capital.

They need refinancing.

They need capex.

They need platforms.

They need operators.

They need structures that can turn individual assets into investable portfolios.

Ares is one of the investors best suited to read this phase.

The investment thesis

The central thesis is that Ares Management is one of the most relevant investors for hospitality because it represents the convergence of private credit, real estate and capital solutions.

This convergence is decisive for hotels.

A hotel today cannot be read only as a property.

It must be read as:

• cash flow;

• collateral;

• operating business;

• real estate asset;

• management platform;

• brand;

• capex plan;

• debt structure;

• possible portfolio;

• possible asset to refinance;

• possible asset to recapitalize.

Ares is interesting because it can enter all these dimensions.

It can buy a portfolio.

It can finance a portfolio.

It can recapitalize a platform.

It can provide debt.

It can participate in a secondary structure.

It can invest in real estate equity.

It can support operators and asset managers.

It can create solutions when the traditional market does not provide enough capital.

The Ares model can create value through ten main levers:

• private credit origination;

• financing of real estate assets;

• acquisition of hotel portfolios;

• recapitalization of hospitality platforms;

• investment in real estate equity;

• real estate debt;

• secondaries;

• support for capex and repositioning;

• partnerships with specialist operators;

• exit through sale, refinancing or stabilization.

The Ares case shows that the contemporary hotel is increasingly a capital structure.

The beauty of the property is not enough.

Tourism demand is not enough.

The brand is not enough.

A financial structure must be built that can support the cycle, capex, operations and final value.

What Ares Management is

Ares Management Corporation is a global alternative investment firm.

The group operates across several areas:

• credit;

• private equity;

• real estate;

• infrastructure;

• secondaries;

• insurance solutions;

• alternative credit;

• direct lending;

• capital solutions.

Ares has grown into one of the major global players in private markets.

Its identity is particularly connected to private credit.

But reducing Ares only to credit would be limiting.

Ares is now a multi-strategy platform capable of investing across the full spectrum of capital.

In the hotel sector, this is very important.

A hotel may require:

• senior debt;

• mezzanine debt;

• preferred equity;

• common equity;

• refinancing;

• capex facility;

• bridge loan;

• rescue capital;

• secondaries;

• joint venture;

• sale and leaseback;

• asset management platform.

Ares can operate across several points of this structure.

This is the real reason why the group is relevant for hospitality.

Not because it owns the most famous hotel brand.

But because it has capital tools capable of supporting assets, portfolios and platforms.

Ares as a private credit platform

Private credit is the main key to understanding Ares.

In recent years, private credit has become one of the major forces in global financial markets.

Banks have become more selective.

Interest rates have risen.

Public markets have become more volatile.

Many companies and many real estate assets need flexible financing.

In this context, platforms such as Ares have become fundamental.

In the hotel sector, private credit can finance:

• acquisitions;

• capex;

• restructurings;

• conversions;

• refinancing;

• bridge financing;

• portfolios;

• stabilized assets;

• value-add assets;

• growth transactions;

• recapitalizations;

• leisure platforms.

Hotels are complex assets to finance.

They do not generate fixed rents like an office leased to an investment-grade tenant.

They generate operating cash flow.

This means the lender must understand:

• demand;

• ADR;

• occupancy;

• RevPAR;

• GOP;

• seasonality;

• brand;

• operator;

• distribution channels;

• capex;

• payroll;

• energy;

• existing debt;

• real estate value;

• exit scenario.

Ares is important because it has the credit culture needed to read these factors.

Ares Real Estate

Ares Real Estate operates across equity and debt strategies.

This is a fundamental point.

In the hotel sector, debt and equity should not be read separately.

They are often part of the same problem.

A hotel may have excellent potential but overly rigid debt.

A portfolio may have value but require capex.

A platform may have brand and operator strength but need recapitalization.

An asset may be stabilized but need refinancing.

An investor may buy equity but also finance the debt.

Ares Real Estate is relevant because it can think in terms of:

• value-add;

• opportunistic;

• core plus;

• real estate debt;

• real estate equity;

• portfolios;

• operating partners;

• liquid markets;

• assets with value creation potential.

In hotels, this flexibility is decisive.

Hospitality is one of the most operational real estate asset classes.

Value does not depend only on walls and location.

It depends on the ability to transform the property into a profitable product.

Ares Commercial Real Estate Finance

Ares Commercial Real Estate Corporation is a platform specialized in originating and investing in commercial real estate loans and related investments.

The role of platforms of this kind is important for hospitality because hotels are capital-intensive assets.

They need debt for:

• acquisition;

• development;

• renovation;

• conversion;

• maintenance;

• brand standards;

• refinancing;

• transactions;

• consolidation;

• capex.

Hotel credit cannot be built as if the hotel were a passive property.

It must account for operating risk.

A lender must ask:

• who is the operator?

• is the brand coherent?

• is demand stable?

• is the market liquid?

• is capex sufficient?

• is the debt sustainable?

• is the LTV prudent?

• is the DSCR realistic?

• is seasonality manageable?

• is the exit possible?

Ares is relevant because it can read real estate credit in a sophisticated way and adapt it to complex transactions.

Ares and the role of secondaries

One particularly interesting dimension of Ares is secondaries.

In alternative investments, secondaries can provide liquidity to existing investors, recapitalize vehicles, extend value creation strategies and enable new phases of growth.

In the hotel sector, this is very important.

Many funds or platforms own valid assets but need to:

• provide liquidity to early investors;

• extend the life of the fund;

• finance capex;

• complete pipeline assets;

• avoid a forced sale;

• support a platform;

• prepare a better exit;

• recapitalize a portfolio.

Ares can intervene as a secondary capital partner.

This is very different from simply buying a hotel.

A secondary recapitalization makes it possible to preserve the platform, strengthen capital and continue the strategy.

For hospitality, where capex, opening, stabilization and exit timelines are often long, this flexibility is extremely important.

The Landsec hotel portfolio: Ares and the UK portfolio

One of the most important cases for understanding Ares in hospitality is the acquisition of Landsec’s hotel portfolio in the United Kingdom.

Ares Real Estate acquired a portfolio of 18 hotels with 3,028 rooms for a headline price of £400 million.

The portfolio consists of midscale and economy hotels, with significant exposure to London and other major urban centers in the United Kingdom.

Before the transaction, the assets were leased to AccorInvest.

At the same time as the acquisition, Ares reached an agreement for the surrender of the leases and the transfer of hotel operations.

This is a very important point.

The transaction is not only about properties.

It is about transforming the operating and real estate structure.

Ares did not simply buy a portfolio of walls.

It acquired a portfolio with the ability to intervene on:

• management;

• leases;

• operations;

• brand;

• asset management;

• capex;

• repositioning;

• cash flow;

• exit.

This is exactly the kind of transaction that explains the Ares logic.

Why the Landsec portfolio is an important case

The Landsec portfolio is important for at least seven reasons.

1. Scale

18 hotels and more than 3,000 rooms represent a meaningful platform.

Scale enables asset management, reporting, procurement and dialogue with lenders.

2. Liquid market

The United Kingdom, and London in particular, is one of Europe’s most liquid and institutional hotel markets.

3. Midscale and economy segment

Not all hotel capital is focused on luxury.

The midscale and economy segment can be highly attractive when it offers location, brand, volumes and efficient operations.

4. Lease restructuring

The surrender of the leases shows that value can also emerge from contractual restructuring.

5. Operating control

The transfer of operations makes it possible to intervene more directly on performance.

6. Value-add

A portfolio of this kind can offer opportunities for capex, repositioning, operational efficiencies and cash flow growth.

7. Optional exit

Once stabilized, the portfolio can be sold, refinanced or managed as a platform.

The lesson is clear: value does not lie only in buying hotels, but in reorganizing the structure that controls them.

Landsec and the lesson for Italy

The Landsec case is very useful for the Italian market.

Italy has many individual hotels, but few truly institutional portfolios.

The market is fragmented.

Many hotels are family-owned.

Many have contracts that are difficult to read.

Many lack adequate reporting.

Many lack scale.

Many lack centralized asset management.

The Ares case shows that a portfolio can become much more attractive when there are:

• scale;

• governance;

• operators;

• clear contracts;

• capex plan;

• reporting;

• possibility of operating control;

• financeability;

• exit.

For Italy, this is a fundamental lesson.

Not every single hotel can attract major capital.

But coherent portfolios can become investable.

Cedar Capital: Ares and European lifestyle hotels

Another very important case is the recapitalization of Cedar Capital Partners’ lifestyle hotel portfolio.

Ares Management Real Estate Secondaries participated in a €400 million recapitalization of a portfolio of five lifestyle hotels in Europe.

The portfolio includes assets such as Hoxton Rome, Hoxton Lloyd Amsterdam and Mama Shelter Prague, with additional hotels scheduled or in development.

This case is highly relevant because it concerns a different segment from the Landsec portfolio.

Here we are not in traditional midscale and economy hotels.

We are in European lifestyle hospitality.

The lifestyle hotel is one of the most interesting segments in contemporary hospitality.

It combines:

• design;

• F&B;

• social energy;

• brand;

• gateway cities;

• international clientele;

• business and leisure;

• experiences;

• rooftops;

• community;

• young and urban demand.

In this case, Ares does not intervene only as a real estate investor.

It intervenes as recapitalization capital for a hotel platform with identity, operators and growth potential.

Why the Cedar case matters

The Cedar case matters for at least eight reasons.

1. It demonstrates the role of secondaries

Ares enters through real estate secondaries funds, with a recapitalization and liquidity logic.

2. It confirms interest in lifestyle hotels

The market recognizes value in urban, experiential and branded products.

3. It includes Italy

Hoxton Rome is part of the portfolio, so Italy enters directly into the Ares logic.

4. It focuses on gateway cities

Rome, Amsterdam, Prague, Florence, Edinburgh and other European cities represent markets with international demand.

5. It combines brand and real estate

Value does not come only from the property, but from brand, operator and product.

6. It supports growth

The recapitalization can support existing hotels and new openings.

7. It avoids premature exits

Secondary capital can allow the strategy to continue instead of forcing an early sale.

8. It makes the portfolio more institutional

A recapitalized platform is more legible to lenders and future buyers.

For Italy, the message is clear: even a single iconic hotel becomes more interesting when it is part of a European platform.

Hoxton Rome and the lesson for the Italian market

Hoxton Rome is a useful case for understanding the transformation of the Italian hotel product.

Rome is not only a traditional luxury market.

It is also a lifestyle market.

A hotel like Hoxton works on:

• neighborhood;

• design;

• restaurants;

• common areas;

• international clientele;

• leisure and business stays;

• community;

• urban identity;

• brand recognition;

• digital communication.

This is important because many Italian properties can be rethought not only as classic hotels, but as lifestyle platforms.

For Rome, Milan, Florence, Turin, Naples, Bologna and Palermo, this is a significant frontier.

The lifestyle hotel can create value even in properties that are not necessarily trophy assets, provided they have:

• interesting location;

• storytelling;

• common areas;

• F&B;

• brand;

• professional management;

• adequate capital stack.

Through the Cedar case, Ares shows that the European lifestyle hotel is now an investable segment for global capital.

Ares and the value of platforms

One of the central lessons from Ares is the value of platforms.

A platform is more than a group of assets.

It is a system.

It may include:

• ownership;

• operations;

• brand;

• operators;

• reporting;

• debt;

• capex;

• procurement;

• distribution;

• asset management;

• governance;

• exit strategy.

In the hotel sector, a platform is more financeable than a single hotel.

Why?

Because it offers:

• scale;

• diversification;

• internal benchmarks;

• centralized management;

• greater interest from lenders;

• stronger reporting;

• greater liquidity on exit;

• growth potential;

• better risk control.

Ares invests well when it can read a platform.

This is very important for Italy.

The Italian market must move from single family-owned assets to investable systems.

Ares and midscale/economy hotels

The Landsec portfolio shows that Ares does not look only at luxury.

The midscale and economy segments can be extremely attractive.

In Italy, the debate on hotel investment often focuses on:

• luxury;

• trophy assets;

• iconic resorts;

• branded residences;

• five-star hotels.

These are important segments.

But they are not the only ones.

Midscale and economy hotels can attract capital when they have:

• location;

• volumes;

• brand;

• operating efficiency;

• clear contracts;

• recurring demand;

• controlled costs;

• reasonable capex;

• portfolio scale;

• liquidity.

For many Italian cities, this is a highly relevant theme.

Rome, Milan, Florence, Bologna, Turin, Naples and Venice also have demand for well-managed midscale products.

Value does not come only from luxury.

It also comes from efficiency.

Ares and lifestyle hotels

The Cedar case shows the other side of the hospitality strategy: lifestyle, design, gateway cities and experiential product.

The lifestyle hotel creates value because it captures a more fluid demand.

Not only business.

Not only leisure.

Not only luxury.

But a combination of:

• work;

• vacation;

• social interaction;

• F&B;

• events;

• design;

• local community;

• shared spaces;

• digital culture;

• brand.

The lifestyle hotel can generate revenue from multiple sources:

• rooms;

• restaurants;

• bars;

• events;

• rooftops;

• light coworking;

• local memberships;

• experiences;

• partnerships.

This increases the depth of the economic model.

By investing in a lifestyle portfolio, Ares shows that institutional capital is seeking products capable of generating value beyond the room.

Ares and capex

Capex is one of the central themes in hospitality.

A hotel without capex loses competitiveness.

But capex that is not properly financed can destroy value.

Ares is relevant because it can intervene in transactions where capex requires flexible capital.

Capex may concern:

• rooms;

• bathrooms;

• technical systems;

• technology;

• sustainability;

• F&B;

• spa;

• rooftop;

• common areas;

• back-of-house;

• brand standards;

• energy efficiency;

• accessibility;

• safety;

• digitalization.

In hospitality, capex is not only expenditure.

It is strategy.

It can increase ADR.

It can improve RevPAR.

It can reduce energy costs.

It can make the asset more financeable.

It can prepare an exit.

It can transform an obsolete property into a contemporary product.

But it must be integrated into the capital stack.

This is one of the most important messages of the Ares model.

Ares and traditional bank credit

The role of Ares becomes even more important in a context where traditional bank credit has become more selective.

Many banks look at hotels with caution.

The reasons are understandable:

• variable revenues;

• seasonality;

• operating risk;

• high capex;

• demand volatility;

• valuation complexity;

• dependence on the operator;

• contractual complexity;

• risk of illiquidity in case of default.

But this caution creates space for private credit.

Platforms like Ares can provide capital when:

• banks reduce exposure;

• speed is needed;

• the project is value-add;

• capex is significant;

• the asset is not yet stabilized;

• bridge financing is required;

• the portfolio is complex;

• the structure requires flexibility.

This does not mean that private credit is always better than bank credit.

It means that it is different.

It is more flexible, but often more expensive.

It can solve complex problems, but it requires stronger business plans.

For Italian hotels, understanding this difference is fundamental.

Ares and Italy

Italy is a very interesting market for an Ares logic.

Not necessarily because Ares must buy individual Italian hotels.

But because many Italian hotels need the capabilities that Ares represents:

• private credit;

• refinancing;

• capex financing;

• secondaries;

• recapitalizations;

• real estate debt;

• real estate equity;

• platforms;

• operators;

• portfolios.

The Italian market has characteristics that are highly coherent with an Ares logic:

• strong tourism demand;

• global cities;

• resorts;

• leisure tourism;

• historic heritage;

• family ownership;

• fragmentation;

• deferred capex;

• difficulty in achieving scale;

• bank debt to refinance;

• need for brands;

• operators to strengthen;

• portfolios to build.

The problem is not lack of value.

The problem is lack of structure.

Ares teaches that value becomes investable when it is organized.

Where an Ares-style logic could work in Italy

This table shows that Ares should not be imagined only around luxury assets.

The Ares logic can work across portfolios, lifestyle hotels, midscale assets, refinancing, capex, secondaries and operating platforms.

Which Italian assets would be most Ares-ready

Not all Italian hotels are suited to an Ares logic.

The most coherent assets are those where capital can unlock value that already exists.

The lesson is clear.

Ares looks for situations where capital, structure and management can transform an asset into a more liquid, more profitable and more institutional product.

How to make an Italian hotel interesting for Ares

An Italian hotel becomes more interesting for an investor like Ares when it is legible, financeable and transformable.

There are ten key characteristics.

1. Documented cash flow

ADR, occupancy, RevPAR, GOP, EBITDA and seasonality must be clear.

2. Quantified capex

The investment plan must include costs, timing, priorities and expected returns.

3. Legible debt

Maturities, covenants, rates, guarantees and priorities must be mapped.

4. Credible operator

Ares must know who protects operations and cash flow.

5. Portfolio potential

A single hotel is less interesting than an aggregable platform.

6. Ordered governance

Ownership, operating companies, contracts and permits must be clear.

7. Coherent brand or positioning

The product must have a clear commercial thesis.

8. Possible exit

Sale, refinancing, stabilization or aggregation must be plausible.

9. Controllable downside

Capital must be protected even in less favorable scenarios.

10. Coherent capital instrument

Senior debt, preferred equity, secondaries or common equity must be chosen according to the real problem.

A hotel does not have to be perfect.

It has to be structurable.

Ares versus Apollo

The comparison with Apollo is natural because both are major platforms in credit and alternative investments.

Apollo is more connected to insurance capital and asset-backed finance.

Ares is more associated with private credit, real estate, secondaries and direct lending.

Both are fundamental to the future of hospitality.

Ares versus Oaktree

The comparison with Oaktree helps distinguish two credit cultures.

Oaktree often enters when capital is misaligned or distressed.

Ares can enter earlier, when capital is needed to grow, refinance or recapitalize.

Ares versus KKR

KKR and Ares are both alternative capital giants, but with different nuances.

KKR is more private equity-driven.

Ares is more credit and capital solutions-driven.

Ares versus Blackstone

The comparison with Blackstone shows two different logics.

Blackstone is more an acquisition and transformation machine.

Ares is more a flexible capital platform.

Ares versus Starwood Capital

Starwood Capital is more hotel-oriented and brand-driven.

Ares is more credit and platform-driven.

Starwood imagines the product.

Ares structures the capital platform that can support it.

What the Italian market can learn

The Ares case offers many lessons for Italian hospitality.

1. Private credit is now central

Traditional bank credit is no longer sufficient to finance the entire hotel capital requirement.

2. Portfolios are more investable than single assets

Scale, reporting and asset management increase financeability.

3. Secondaries can avoid premature sales

A recapitalization can allow a strategy to continue without selling at the wrong time.

4. The lifestyle hotel is now an institutional asset class

Hoxton Rome and the Cedar portfolio show that European lifestyle hospitality attracts global capital.

5. Midscale should not be underestimated

The Landsec portfolio shows that midscale and economy hotels can also be very attractive.

6. Capex must be financed correctly

Without coherent capital, capex can become risk instead of value.

7. Leases and operations matter

Contracts and operating control can create or block value.

8. Italy must become more legible

Governance, reporting, debt and contracts must be clear.

9. Operators matter as much as properties

A good asset without the right operator remains fragile.

10. Capital must be flexible

Senior debt, preferred equity, secondaries, bridge loans and equity must be used coherently.

To explore these themes further, readers may consult the hotel guides published on www.robertonecci.it, the articles available on the Investimenti Alberghieri blog and the updates published on the InvestHotel blog.

Ares as a benchmark for hotel investors

Ares is a benchmark for at least ten categories of market participants.

The first category is credit funds. Ares shows how private credit can support hotels, portfolios and platforms.

The second category is hotel owners. The group demonstrates that between sale and immobility there are recapitalization solutions.

The third category is real estate funds. Hotels must be read as operating assets, not only as properties.

The fourth category is operators. Ares shows that operating control is decisive in unlocking value.

The fifth category is advisors. Ares-like transactions require expertise in debt, equity, contracts, operators and asset management.

The sixth category is banks. Private credit can complement or replace bank credit in complex situations.

The seventh category is family owners. Family capital can be integrated with more sophisticated instruments.

The eighth category is developers. Bridge financing, capex facilities and preferred equity can support complex projects.

The ninth category is fund managers. Secondaries can provide liquidity and extend value creation strategies.

The tenth category is destinations. A properly financed and managed hotel creates jobs, quality and territorial reputation.

Ares teaches that in hospitality, capital must not only buy.

It must recapitalize, refinance, structure and make assets investable.

FAQ on Ares Management and hotel investments

What is Ares Management?

Ares Management is a global alternative investment firm active in credit, private equity, real estate, infrastructure, secondaries and capital solutions.

Is Ares a hotel operator?

No. Ares is neither a hotel brand nor a hotel operator. It is an investor and capital platform that can enter hospitality through debt, equity, real estate and recapitalizations.

Why is Ares important in the hotel sector?

Because hotels increasingly require flexible capital: private credit, refinancing, capex financing, preferred equity, secondaries and real estate debt.

What does the Landsec case teach?

The Landsec portfolio shows that Ares can acquire and reorganize large hotel portfolios, intervening not only on the property but also on leases, operations and asset management.

What does the Cedar Capital case teach?

The Cedar case shows the role of secondaries and recapitalizations in supporting European lifestyle hotel platforms, including Italian assets such as Hoxton Rome.

Why are lifestyle hotels interesting for Ares?

Because they combine brand, design, F&B, social energy, gateway cities and international demand, generating value beyond the room.

Does Ares invest only in luxury?

No. The Landsec case shows interest also in midscale and economy hotels, when they are part of scalable portfolios and liquid markets.

What is the difference between Ares and Apollo?

Apollo is more connected to insurance capital, yield and asset-backed finance. Ares is more associated with private credit, real estate, secondaries and capital solutions.

What is the difference between Ares and Oaktree?

Oaktree is more focused on distressed investing, special situations and downside protection. Ares can also intervene in non-distressed situations to finance growth, capex and recapitalizations.

Could Ares invest in Italian hotels?

Potentially yes, especially in portfolios, lifestyle hotels, urban midscale assets, resorts with capex needs, platforms to recapitalize and refinancing transactions.

What can Italy learn from Ares?

That hotel value becomes more investable when assets, debt, capex, operators, contracts and reporting are organized within a clear financial structure.

Conclusion

Ares Management is one of the most important cases for understanding the future of hotel capital.

Not because it is the best-known hotel owner.

Not because it is a brand.

Not because it has created a hospitality imaginary like Starwood Capital.

Ares is important because it represents one of the decisive dimensions of the contemporary market: flexible capital.

In the hotel sector, capital must not only acquire.

It must finance.

Recapitalize.

Refinance.

Support capex.

Provide liquidity.

Reorganize contracts.

Support platforms.

Make risk legible.

Build portfolios.

With the Landsec portfolio, Ares shows how a large midscale and economy portfolio can become a value platform through scale, operating control and contractual reorganization.

With Cedar Capital, it shows the value of secondaries and recapitalizations applied to European lifestyle hotels.

With its private credit and real estate platform, it shows that hotels can be financed, transformed and institutionalized through instruments other than simple acquisition.

For Italy, the lesson is very clear.

Tourism demand is not enough.

Beautiful properties are not enough.

A strong destination is not enough.

Structure is needed.

Flexible capital is needed.

Reporting is needed.

Governance is needed.

Financeable capex is needed.

An operator is needed.

A portfolio is needed.

An investment thesis is needed.

Ares teaches that many Italian hotels do not necessarily need to be sold.

They need to be recapitalized, refinanced, aggregated, restructured and made more legible.

In the contemporary hotel market, value does not arise only from the asset.

It arises from the ability to build a coherent capital structure around the asset.

And for Italy, this is one of the most important challenges of the coming years.

Historic hotels, lifestyle hotels, hotel portfolios, family hotels, resorts, refinancing transactions, capex financing, secondaries, recapitalizations and complex hospitality platforms require an integrated reading of real estate, operations, debt, equity, contracts, brand, capex and market dynamics.

For hotel valuations, investment transactions, development, repositioning, strategic advisory and hospitality asset enhancement, visit Hotel Management Group.

Hotel Management Group supports owners, investors and operators in the valuation, development and enhancement of hotel assets.

Roberto Necci - r.necci@robertonecci.it