El hedge fund TCI de Chris Hohn apuesta por hoteles de lujo italianos

Hedge fund manager Sir Christopher Hohn has been investing $636 million in loans for luxury hotels in Italy, betting on increasing rates as affluent tourists seek accommodation in exclusive locations. Hohn, a top-performing hedge fund manager, is known for his significant investments in companies like Alphabet, GE Aerospace, and Vinci, through his investment fund, The Children's Investment Fund (TCI).

However, a lesser-known part of TCI's $77 billion portfolio is dedicated to real estate loans, with the majority invested in Italian luxury hotels. These investments allow TCI to tap into the booming Italian luxury hotel market, driven by the growing demand from affluent international travelers and fierce competition among investors for a limited number of exclusive properties.

TCI's biggest stake is $392 million in the Venetian Danieli hotel, a Gothic building with lagoon views built in the late 15th century for a Venetian elite family. The hotel recently underwent a major renovation after changing operators from Marriott to Four Seasons in 2022, with completion expected next year. TCI also has a $132 million loan to the Hotel Caesar Augustus on Capri, a $74 million loan to the Six Senses hotel on Lake Como, and a $38 million loan to the Mandarin Oriental in Milan.

Outside Italy, TCI has exposure to a $62 million loan to the Six Senses hotel in Ibiza. All the hotels are owned by the Italian real estate company Gruppo Statuto. TCI does not provide the loans directly but instead acquires stakes in loans originated by a private credit firm led by investor Martin Frass-Ehrfeld, of which Hohn is a member.

Hohn focuses almost exclusively on price-setting power in his investments, prioritizing high-quality companies capable of outpacing inflation and withstanding competition. He is particularly interested in companies with monopolies or duopolies. This philosophy also applies to TCI's real estate loan portfolio. Room revenue available - a key indicator in the hotel sector - increased by 53% between 2019 and the end of 2025 in Italy, outpacing any other European country, according to data from real estate firm Cushman & Wakefield.

This growth was fueled by the luxury market, as five-star hotels continued to attract affluent tourists even with rapidly increasing prices. Investors compete for exclusive assets, from historic palaces and ancient convents to iconic buildings in Rome, Milan, and Venice, as well as properties in destinations like Lake Como and the Amalfi Coast.

Strict urban planning regulations and scarcity of suitable land have further limited supply, leading property owners to invest heavily in converting and renovating existing properties. However, prices could be pressured as major hotel groups expand in the country to meet growing demand. Recent openings include The Carlton (Rocco Forte group) in Milan and Orient Express La Minerva in Rome, while the new Corinthia Rome opened in February.

Meanwhile, the historic Hotel Bauer in Venice, which closed in 2022, is finalizing preparations to reopen under the ultra-luxury Rosewood brand. As of June 30, TCI's fund had risen 3.5% for the year, recovering from losses at the beginning of the period in aerospace and payment services companies. Hohn's portfolio, composed of infrastructure stocks, aerospace, payment services, and technology, has remained largely unchanged.