Investment group Cheyne Capital has agreed a loan facility to back the refinancing of a major Italian resort asset.

Portopiccolo Sistiana, on the coast in the Gulf of Trieste, includes the five star Tivoli Portopiccolo Sistiana Wellness Resort & Spa, plus connected retail, residential and parking assets. A self contained project it includes the hotel, 203 apartments and a marina with 110 berths. The hotel soft opened in 2023, with a formal launch in 2024, and is the first for the Tivoli brand to open in Italy. With a heritage dating back to the 1930s, today the Tivoli brand is part of the Minor International portfolio. The Thai-based business has a major presence in Europe, which it is growing year on year, via brands such as NH and Anantara.

Backing Attractive Asset Classes

“Portopiccolo Sistiana is a high-quality hospitality and residential destination on the Gulf of Trieste, combining an established luxury hotel, residential accommodation and extensive leisure amenities,” explained Daniel Schuldes, Cheyne’s co-head of European real estate. “This financing reflects Cheyne’s continued conviction in well-located European hospitality and residential assets; we are pleased to work with such an experienced sponsor as HIG on the next phase of the project.”

Cheyne Capital is a regular backer of hotel developments. The company recently financed the acquisition of a major London serviced apartment portfolio by One Investment Management, AENDRE and LHC Group. The trio are planning a major upgrade of the 587 room portfolio, with a new luxury extended stay brand promised, which will feature accommodation and a members club.

Portopiccolo Sistiana was developed with backing from investor HIG Capital, a major international alternatives investor that often puts its funds into the hospitality sector. In 2024, for example, it pooled several Greek hotel and resort assets to create a new brand, Ella Resorts, with properties across the Greek islands of Rhodes, Corfu and Crete.

With the support of Minor International, the Tivoli brand is now expanding globally. Close to its geographical roots, there is Tivoli Benidorm, a 200 room new build in the coastal holiday hotspot opening in late 2027. And in the Portuguese town of Borba, the Convento das Servas Resort will open in 2028, following refurbishment of an existing property.

Tivoli Expands Around the Globe

In Asia, the Tivoli name is on its way to Yining, and Xiamen. Also under way is a development in Mexico that will combine a Tivoli resort with branded residences under the Tivoli name. The development in Merida, Yucatan will be part of the historic Casona 333 complex, with hotel, residences, a spa, outdoor pool and restaurant, opening in early 2027.

Tivoli is also landing in the Middle East, part of a dual hotel project in Bahrain. Tivoli Bilaj Al Jazayer Bahrain Resort is scheduled to open in the third quarter of 2027, alongside another Minor group brand, in the Avani Bilaj Al Jazayer Bahrain Resort. The project will feature a number of shared assets across the properties, including pools, restaurants and a beach club.