Owners of Cipriani Resort and Casino Punta Del Este secure $190m loan
Beach Point Capital Management and Sparta Capital Management have agreed a $190m loan to Cipriani to support the growth and expansion of Cipriani and its global luxury hospitality platform, including one of its newest projects, Cipriani Resort, Residences and Casino Punta Del Este, a more than $500m project in Uruguay.
Cipriani is a leading international hospitality company that owns and operates luxury restaurants, private members’ clubs, landmarked event spaces, hotels and residences around the world in cities such as Venice, New York City, London, Los Angeles, Miami, Monte Carlo and Dubai, among others. The Cipriani Resort, Residences and Casino Punta Del Este is a luxury oceanfront resort that will feature a hotel with 64 suites in its first phase and additional 120 to follow, 68 residences, the first-ever Cipriani Casino, an exclusive beach club and luxury boutiques.
Beach Point’s Head of Private Credit, Michael Haynes, said: “We were thrilled to be able to partner with Giuseppe Cipriani and his team to provide this carefully tailored financing to meet the capital needs of the company, as it builds on its strong momentum as a market leading luxury brand. Beach Point has meaningful experience in the hospitality and gaming sector, and we are pleased to be able to couple that with our creativity and structuring expertise on this transaction.”
Giuseppe Cipriani, Chief Executive Officer of Cipriani, said: “We truly value Michael and the Beach Point team’s partnership. This financing will accelerate the global expansion of Cipriani’s footprint. Beach Point’s sector expertise, ingenuity and collaborative approach make them the ideal capital provider for Cipriani, including this unique project in Punta del Este, where we look forward to welcoming guests next year.”
The resort is tipped to open by December 2025. Once built the Cipriani Ocean Resort Residences & Casino will be the largest luxury resort in South America, consisting of three residential towers, ranging from 30 to 60 floors. The project by architect Rafael Viñoly will involve the conversion of the iconic Hotel Casino de San Rafael. It will also include a conference centre, two restaurants, a spa, beach club, outdoor swimming pool, state-of-the-art gymnasium with meditation and yoga rooms, a golf simulator, among other amenities.
