Nearly a century after opening Harry’s Bar in Venice, Cipriani is betting big on its next chapter: turning to private credit for a $190 million loan to fund global growth.
Beach Point Capital and Sparta Capital Management are providing the loan to the 94-year-old company, according to a statement. The funds will back a slate of new projects, including an oceanfront development in Punta del Este, a tony beach resort city on Uruguay’s southeastern coast that has long been a playground for wealthy South Americans and jet-setters…
The Uruguay development will include the group’s first casino, a hotel, a private beach club and luxury boutiques, according to the statement.
