Key Takeaways
- • Kervis SGR has acquired a hotel-designated property and adjoining 18-hole golf course in Lake Como (Grandola ed Uniti and Menaggio municipalities) through a newly launched reserved real estate fund managed by the SGR and backed by a leading European private equity real estate investor.
- • The Lake Como development will feature a 58-key luxury Corinthia-branded resort on the lake's western shore in Menaggio, positioned as a value-added hospitality investment requiring development and restoration.
- • The property comprises two development areas: a first zone for the resort and golf course, and a second waterfront zone on Lake Como's shores in Menaggio, offering panoramic lake views adjacent to Italy's second-oldest golf course.
- • The transaction structure involved legal counsel from Greenberg Traurig (real estate, administrative law, and fund formation) and tax advisory from EY, supporting acquisition, fund structuring, and hotel management agreements with operator Corinthia Hotels.
- • The fund, identified as "Putter Fund," targets value-added properties requiring development, restoration, reconversion, restructuring, renovation, or completion—positioning this as a core-plus real estate play in the luxury Italian hospitality sector.
Summary
Kervis SGR, an Italian real estate and special situations investment manager, has closed an acquisition of a hotel and golf resort property in Lake Como through a newly established reserved real estate fund. The fund is managed by Kervis SGR and fully capitalized by a leading European private equity real estate investor, according to transaction announcements from January 2026.
The acquisition encompasses two distinct development areas spanning the municipalities of Grandola ed Uniti and Menaggio on Lake Como's western shore. The primary zone will be developed into a resort featuring an 18-hole championship golf course, while a second waterfront parcel in Menaggio will be developed along the lake's shores. The development will operate as a 58-key luxury resort branded under the Corinthia Hotels banner, one of Europe's premier luxury hospitality operators.
The property's strategic positioning is noteworthy: the resort will sit adjacent to Italy's second-oldest golf course, providing both operational synergy and distinctive market positioning. The lakeside location in Menaggio offers panoramic views and access to the Alpine region's high-net-worth demographic.
The transaction reflects a value-added real estate strategy typical of institutional real estate investors. The Putter Fund, as the property owner, specifically targets acquisitions requiring development, restoration, reconversion, restructuring, or renovation—indicating this is structured as a core-plus or value-add deployment rather than a stabilized asset play. Kervis SGR serves as the development manager and operational partner for the project.
Legal structuring involved Greenberg Traurig's multi-disciplinary team, with partners Paolo Bolis and Eriprando Guerritore leading real estate, fund formation, and holding structure analysis. EY provided international tax structuring and advisory across the acquisition and investment vehicle setup. Hotel management agreements with Corinthia Hotels were negotiated with Italian law expertise, positioning the operator as the hospitality management partner while the fund retains ownership.
The acquisition encompasses two distinct development areas spanning the municipalities of Grandola ed Uniti and Menaggio on Lake Como's western shore. The primary zone will be developed into a resort featuring an 18-hole championship golf course, while a second waterfront parcel in Menaggio will be developed along the lake's shores. The development will operate as a 58-key luxury resort branded under the Corinthia Hotels banner, one of Europe's premier luxury hospitality operators.
The property's strategic positioning is noteworthy: the resort will sit adjacent to Italy's second-oldest golf course, providing both operational synergy and distinctive market positioning. The lakeside location in Menaggio offers panoramic views and access to the Alpine region's high-net-worth demographic.
The transaction reflects a value-added real estate strategy typical of institutional real estate investors. The Putter Fund, as the property owner, specifically targets acquisitions requiring development, restoration, reconversion, restructuring, or renovation—indicating this is structured as a core-plus or value-add deployment rather than a stabilized asset play. Kervis SGR serves as the development manager and operational partner for the project.
Legal structuring involved Greenberg Traurig's multi-disciplinary team, with partners Paolo Bolis and Eriprando Guerritore leading real estate, fund formation, and holding structure analysis. EY provided international tax structuring and advisory across the acquisition and investment vehicle setup. Hotel management agreements with Corinthia Hotels were negotiated with Italian law expertise, positioning the operator as the hospitality management partner while the fund retains ownership.
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