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Costa Irminia Retreat & SPA, Vignette Collection, Marina di Ragusa
Costa Irminia Retreat & SPA, Vignette Collection represents an investment opportunity in the development of a 5-star resort in Marina di Ragusa under the Vignette Collection of IHG Hotels & Resorts brand.
Located in one of the most renowned seaside destinations in Sicily, just a few steps from the coast, the project envisages the development of a luxury retreat featuring 44 rooms, a restaurant, a spa, and a panoramic pool.
Investor funds will be used to finance part of the development costs. The key investment highlights are the following:
- 16% expected IRR (annual compounded rate)
- 24,9% expected total ROI
- Estimated duration: 18 months
The returns indicated represent expected gross returns, before taxes applied upon distribution at repayment and before the one-off investment fee.
Investment fee:
- 1.5% for tickets below EUR 25,000
- 1.0% for tickets equal to or above EUR 25,000
Executive summary
The project involves the
development of a 5 star luxury resort under an international brand, with operational management entrusted to Panoram through a franchise affiliation with IHG’s Vignette Collection brand.
The asset will be located in a prime position, just 400 meters from the sea and close to the center of Marina di Ragusa. The development plan includes 44 rooms, common areas, a restaurant, a spa, a beach club and a panoramic swimming pool overlooking the Sicilian coast.
The opening to the public is scheduled for the summer season of 2026, coinciding with the completion of construction works and the start of operations under Panoram's management.
The asset will be located in a prime position, just 400 meters from the sea and close to the center of Marina di Ragusa. The development plan includes 44 rooms, common areas, a restaurant, a spa, a beach club and a panoramic swimming pool overlooking the Sicilian coast.
The opening to the public is scheduled for the summer season of 2026, coinciding with the completion of construction works and the start of operations under Panoram's management.
Investment highlights
- 16% annual compounded return and a minimum cash-on-cash yield of 20%
- 38% investor capital break-even point based on a valuation conducted by an independent expert.
- Irrevocable mandate to sell the asset in case of non-repayment within 24 months
- Project developed in partnership with one of the world’s leading hotel brands (Vignette Collection by IHG Hotels & Resorts)
- Exclusive location with strong tourist demand and limited supply of 5-star accommodations
- Asset already acquired, permits obtained, and initial bank financing approved and disbursed
- Construction works already 60% completed
- Management agreement already in place with a top-tier international operator
The asset
The real estate complex subject to redevelopment is located in Marina di Ragusa, one of Sicily’s most renowned tourist destinations, known for its unique blend of seaside charm, culture, and gastronomy.
The project will be developed over an area of approximately 12,000 sqm, with a total built surface exceeding 5,000 sqm. The property will feature 44 luxury rooms, a spa, restaurant, panoramic pool, lounge bar and a private beach club with direct beach access.
The project will be developed over an area of approximately 12,000 sqm, with a total built surface exceeding 5,000 sqm. The property will feature 44 luxury rooms, a spa, restaurant, panoramic pool, lounge bar and a private beach club with direct beach access.
The location
- Privileged position just a few steps from the sea, in one of the most sought-after seaside destinations in Southern Italy
- Contemporary architectural design enhancing the area’s natural and cultural heritage
- Project inspired by environmental sustainability principles, featuring the use of renewable energy sources and eco-friendly materials
The Sponsor
- Developer with over 9 years of experience in tourism and hospitality projects in Italy
- Strategic partnership with Panoram and InterContinental Hotels Group (IHG) for resort management
Deal structure
YELDO Crowd investors participate through a capital increase in the project company Blue Lava Resorts S.r.l., which will fully own the development asset.
At the level of Blue Lava Resorts S.r.l., two classes of shares are planned:
At the level of Blue Lava Resorts S.r.l., two classes of shares are planned:
Class A : ordinary shares held by the Sponsor, with full administrative rightsClass B : YELDO investors, 16% IRR, with a 1.20x minimum cash on cash in case of early reimbursement, with no administrative rights over ordinary management
Liquidation Preference : YELDO investors’ capital and returns benefit from a liquidation preference over the Sponsor’s equityMandate to Sell : irrevocable power of attorney to sell the asset if the Sponsor fails to repay investors within 24 months, or within 30 months provided that at least 75% of the total amount due has been repaidEquity Commitment Agreement : the Sponsor ensures the project’s financial sustainability by committing additional own funds to cover any potential cash shortfallsSelf-Liquidating Shares : once YELDO investors have received profit distributions and/or reserves equal to their invested capital plus accrued returns, their shares will automatically be redeemed
Capital structure
YELDO’s preferred equity protected by EUR 6.3M (junior equity + project margin).
- 16% IRR (annual compounded return) with a liquidation preference over the Sponsor’s junior equity
- 38% Capital break-even point: level of sales versus the Business Plan at which YELDO Crowd investors reach capital break-even
- EUR 3.6M Sponsor equity committed to the project
Timeline
P&L
Sources and Uses
The Relevant Persons of Y-Crowd S.r.l., as defined in the Policy on the Management of Conflicts of Interest found on the website at the following link, may invest in the Offer under the same conditions as other investors, without benefiting from preferential treatment or privileged access to information, within the limits provided by the same policy
