Castello Sgr secures €50 million financing for Hotel Bellevue Cortina

Castello SGR is moving forward with the development of the five-star Bellevue Hotel in Cortina d’Ampezzo. Acting on behalf of the closed-end real estate fund Five Lakes, the company has secured a €50 million loan from Alpha Bank, with Situs Asset Management acting as agent. The hotel will feature a luxury alpine club concept in one of Italy's premier mountain destinations.

Hotel Bellevue is located on Corso Italia, Cortina’s main street, and will be positioned as a high-end “alpine club.” The hotel will feature 80 rooms, including 27 suites with mountain views, a 500-square-meter spa, and indoor and outdoor pools. It will also offer a sophisticated food and beverage program and spaces designed for exclusive hospitality in one of the Dolomites’ most prestigious locations. The project is promoted by Prodea Investments and Invel Real Estate. Upon completion, the hotel will be managed by Accor under the Emblems Collection brand.

Osborne Clarke and Legance advised Alpha Bank (as lender) and Castello Sgr (on behalf of the Five Lakes fund, as beneficiary), respectively, while Reed Smith advised Situs Asset Management Limited as agent.

“This transaction confirms Castello Sgr’s commitment to supporting high-quality real estate projects with a strong development component in prime locations such as Cortina. The financing represents a key step towards realizing a luxury hotel project, further strengthening the destination’s appeal, supported by a top-tier international operator,” commented Michelangelo Ripamonti, Head of Hospitality Investments at Castello Sgr.