Cipriani opens fund to raise $526M for global expansion

That’s a lot of bellinis. 

The Cipriani family wants to take its members clubs worldwide, Bloomberg reported. Cipriani, known for its celebrity-frequented Italian restaurant chain, is opening a new fund to raise $526 million for its global expansion, according to the outlet. 

The Cipriani empire got its start nearly a century ago, when Giuseppe Cipriani opened Harry’s Bar in Venice, Italy in 1931. It was there that the bellini was invented in the 1940s, and was a favorite. The family remains majority owners of the company to this day, which has now expanded to include restaurants, branded condominiums and private members clubs. 

The Cipriani Hospitality Fund was established with Optimum Asset Management, a real estate developer helmed by Alberto Matta, and Geneva-based Credit des Alpes, an investment bank headed by Fabrizio Cerina. The capital raised will be used to develop private clubs and residences under the Casa Cipriani brand in Dubai, Geneva, Madrid, Singapore and Tokyo, the outlet reported.

The move will capitalize on increased demand for exclusive club and private dining options, which developers and brokers say has been on the rise in the wake of the pandemic. Cipriani’s flagship private club in New York’s Battery Maritime Building charges $3,900 for its annual members fee and raked in $63 million in revenue last year, according to the publication. 

The New York Casa Cipriani includes a 47-key hotel, a restaurant, event space, and a 15,000-square-foot spa.

Last year, the club’s owners, Midtown Equities, Centaur Properties and Cipriani S.A., landed $100 million in refinancing for the New York location.

–– Kate Hinsche