Edmond de Rothschild Corporate Finance Advised Swiss Life Asset Managers France on Acquisition of Five-Resort Italian Hospitality Portfolio in Sale-Leaseback Deal

Edmond de Rothschild advised Swiss Life Asset Managers on the acquisition of a portfolio of five 4-star open-air resorts from Club del Sole in Emilia-Romagna, Italy, the firms announced March 24, 2026. The hospitality real estate transaction was structured as a sale-and-leaseback and encompasses approximately 3,000 accommodation units across seafront locations in the region.

Clearwater Italy served as co-financial advisor to Swiss Life Asset Managers France alongside Edmond de Rothschild Corporate Finance on the acquisition. Additional advisors to the buyer included First Growth, Clifford Chance, and Gleeds. Club del Sole was advised by Mediobanca as financial advisor, along with Studio Legale Pedersoli Gattai, Ryze, Studio Scala-Giondi, and Notary Marchetti.

Sale-Leaseback Structure Provides Long-Term Income Stability

The acquisition is structured as a sale-and-leaseback under which Club del Sole, described as Italy's leading open-air tourism operator, retains operational control of the five resorts through a 20-year fixed commercial lease, renewable for an additional six years. The structure is intended to deliver long-term income stability aligned with the investment strategies of Swiss Life Asset Managers' retail funds dedicated to the acquisition.

The five holiday villages are located on or very close to the seafront in Emilia-Romagna. According to the announcement, the scarcity of coastal land in the area makes these assets particularly sought-after and difficult to replicate.

Portfolio Overview: Five 4-Star Open-Air Holiday Villages

The portfolio comprises five 4-star open-air holiday villages totaling approximately 3,000 accommodation units. The assets are leased to Club del Sole under the sale-and-leaseback arrangement. Specific property addresses were not disclosed in the announcement, though all five sites are identified as premium Club del Sole locations in Emilia-Romagna.

Edmond de Rothschild Corporate Finance's Role

By advising on this transaction, Edmond de Rothschild Corporate Finance cited its expertise in the real estate, hospitality, and leisure sectors, as well as its track record advising institutional investors and operators on cross-border transactions. The Edmond de Rothschild Group reported over CHF 198 billion in assets under management as of December 31, 2025, and operates across 29 global locations with more than 2,700 employees.

Italian Open-Air Hospitality Sector Context

According to the announcement, Italy's open-air hospitality sector has seen infrastructure upgrades, increasing operator professionalization, and rising demand from European tourists. The sale-and-leaseback format allowed Club del Sole to unlock capital from its seafront resort portfolio while retaining its position as operator under the 20-year lease. The transaction closed in March 2026. Financial terms were not disclosed.