Elliott takes control of luxury Hotel Bauer in Venice together with Blue Skye. The latter already restructured Bauer's debt buying a bond in 2016

The hotel group Bauer spa, owner of the prestigious Hotel Bauer in Venice, becomes the property of the Elliott fund, supported by the Blue Skye fund. The Bortolotto Possati family, descendant of Arnaldo Bennati, a successful Ligurian shipbuilder who bought the hotel in 1930 from the Bauer-Grünwald family, leaves the scene. Bauer is said to have been valued 400 million euros. The group had restructured 110 million euros of bank debt in default in February 2016, thanks to a complex agreement with Blue Skye Investment Group, which had introduced new finance for a further 20 million (see here a previous post by BeBeez). The transaction was carried out in the context of a debt restructuring plan drawn up on the basis of Article 67 of the Ital