Cheyne Capital has agreed a loan facility to refinance Portopiccolo Sistiana, the five-star resort complex on the Gulf of Trieste that anchors the Tivoli brand's return to Italy.

The asset combines the Tivoli Portopiccolo Sistiana Wellness Resort & Spa, 203 apartments, a 110-berth marina, plus connected retail, residential and parking components. The hotel soft opened in 2023 and formally launched in 2024. It is the first Tivoli property to open in Italy. The Tivoli brand, whose heritage dates to the 1930s, now sits within the Minor International portfolio.

Why did Cheyne back the deal?

Daniel Schuldes, Cheyne's co-head of European real estate, said: "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."

He added: "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."

HIG Capital developed Portopiccolo Sistiana and remains a frequent hospitality investor. In 2024 it pooled Greek hotel and resort assets into a new brand, Ella Resorts, with properties on Rhodes, Corfu and Crete.

Cheyne has form in the sector. It recently financed One Investment Management, AENDRE and LHC Group's acquisition of a 587-room London serviced apartment portfolio. The trio plans a major upgrade, including a new luxury extended-stay brand with accommodation and a members club.

Where is Tivoli heading next?

Minor International, the Thai-based group, is growing its European presence year on year through brands including NH and Anantara, and is pushing Tivoli globally on several fronts:

• Tivoli Benidorm, Spain: a 200-room new build opening in late 2027.
• Convento das Servas Resort, Borba, Portugal: a refurbished property opening in 2028.
• Merida, Yucatan, Mexico: a Tivoli resort with branded residences in the historic Casona 333 complex, including hotel, residences, spa, outdoor pool and restaurant, opening in early 2027.
• Yining and Xiamen, China: two Asian developments under way.
• Bahrain: Tivoli Bilaj Al Jazayer Bahrain Resort, scheduled for the third quarter of 2027, alongside the Avani Bilaj Al Jazayer Bahrain Resort, with shared pools, restaurants and a beach club.

The refinancing gives HIG capital to deliver the next phase at Sistiana while Cheyne deepens its European hospitality credit book. Watch for further Cheyne hotel debt deals and the late-2027 Benidorm opening as the next visible milestones.