Villa Saletta brochure by mark orriss

ontents A Unique Opportunity The Development Hotel Demand In Tuscany Internationally Accessible An Unparalleled Location In The Heart Of Tuscany Borgo Fattoria Gabriello Riccardi The Palazzo The Altana The Frantoio Church Of Madonna Della Rocca The Legend The Gamba Castelli Era The 21st Century Poggetto And Poggettino Residences Luxury Residences Planning - The Borgo Planning - Poggettino Planning - Montanelli Disclaimer

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Unique Opportunity

Villa Saletta is a 1,760-acre private estate nestled amidst the rolling hills and vineyards of Tuscany, Italy. A package of some of the estates most attractive property is available for purchase by a discerning buyer. The estate spans several valleys, deeply cut into the local sandstone by tributaries of the River Era. At the heart of the estate stands the Borgo village on a central ridge, dominating the surrounding area, as it has during a process of continuous development for at least one thousand years. Villa Saletta is first mentioned, as the town of Salecto, in a document in the archives of the Diocese of Lucca dated 980AD.

hotel operator to secure planning consents for the development of a world class luxury hotel with up to 131, keys including 39 suites, on the site of the historic Borgo and adjacent property. With the potential to create individually stunning rooms with an exceptional average size in the order of 70m2, it is unsurprising that some of the worldâ&#x20AC;&#x2122;s leading hotel operators are extremely interested in operating the hotel.

From the open loggia, on the top floor of the principal villa, to the east there are views to Volterra and the hills beyond. To the west, one can see the Mediterranean coast.

In addition, the owners are offering a residential new build opportunity on the hillside facing the Borgo. These luxury residences will enhance the offering available to a hotel operator by creating a world-class resort.

The present owners of Villa Saletta have worked with a leading international luxury

First documented reference in diocesan records of Lucca

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he Development

Three complementary parcels within the Villa Saletta Estate, together benefiting from rare luxury hotel and residential new-build planning consents, are offered for sale freehold. These parcels comprise: The Borgo (fortified hilltop village): A complete village with a central palazzo and surrounding buildings, the earliest of which dates back to the medieval era. It comprises approximately 12,800m2 of existing buildings with permission to construct a further 4,200m2 of new buildings (including technical areas, housing plant and machinery). The site covers 43,000m2 in all including historic gardens and olive groves. Many of the buildings were re-roofed in 2008.

Poggettino: An area on a ridge on the Villa Saletta Estate for which there is planning permission to restore two existing farmhouses (Poggetto 919m2, Poggettino 417m2) and to build a new touristic residential development of approximately 18,000m3 gross internal volume. The consents provide flexibility as to the size and layout of the individual units of accommodation (6,350m2), to suit the requirements of the developer.

Montanelli: An area in a local village (1.8km by road from the Borgo) which will provide a location for the necessary back of house facilities for the hotel with permission to develop approximately 550m2 of buildings (including necessary warehousing, laundry facilities and accounts offices on a site of approximately 1050m2 in total).

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Estate area Poggettino complex River Provincial roads

Hotel Borgo

Poggettino

New build residences

Poggetto

Montanelli

2 3

Clock tower built, probably as a fortified structure at the centre of a palisade to defend the local inhabitants

2009

otel Demand In Tuscany

The leading five star hotels in Italy achieve seasonal occupancy rates of up to 70% and average room rates in excess of â&#x201A;Ź1,200 per night1. The proposed development is envisaged to sit at the top of its class, and is poised to contend with these elite five-star players for strong rates and demand, commanding a premium even above other five-star properties. Italy, and Tuscany in particular, holds strong interest for visitors from China and the Far East. The increase in Chinese and Russian visitors to Tuscany from year-end 2009 to 2010 is astounding, at 32.8% and 27.5% respectively. These visitors are precisely the target market for a luxury hotel development such as Villa Saletta.

Arrivals

Nights stayed

Share in total (%)

Growth 2009-10 (%)

Share in total (%)

Growth 2009-10 (%)

1 Germany

21.2

2.4

28.9

1.1

2 USA 3 France 4 UK ...

9.7 7.9 6.1

7.8 3.5 -0.3

6.5 6.4 6.3

7.2 1.7 -1.3

10 Russia ... 12 China 13 Australia

2.6

27.5

2.5

27.7

2.2 1.7

32.8 18.9

0.9 1.1

24.7 18.4

14 Canada

1.5 13.8

1.1 11.5

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Source: ENIT on the basis of Istat data

Despite the fact that Tuscany is a tourist destination known across the world, it is extremely difficult to obtain planning consents for large scale hotel or residential developments on scenic hillsides in rural areas. This is reflected in the fact that while most (if not all) of the premiere international operators of super-luxury five star resorts have targeted Tuscany, there is not yet a five star resort operated by one of the international operators located in rural Tuscany.

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1 PKF (2010) Villa Saletta: Market study with earnings estimates for a proposed luxury hotel and residential scheme at Villa Saletta, Tuscany. 2 ENIT reproduction of Istat statistics. http://www.enit.it/en/studies-and-research.html

The last surviving member of the Gambacorta family, Lotto di Francesco, dies leaving the estate to the chartreuse of Calci

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nternationally Accessible

Villa Saletta is in the enviable position of being within easy reach of two airports.

Pisa

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Florence

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Pisa International Aiport (PIA) lies a 30-40 minute drive from Villa Saletta. PIA is served by 16 airlines, operating 87 flights with multiple journeys per week to 61 international cities, including prime source markets in Europe & the USA, Russia and select African destinations3. These destinations cover the countries of origin of 7/10 of the top prime second-home buyers this year: Russia, the UK, France, the USA, Switzerland, Germany4. There are plans to attract a Chinese operator. Equally, the airport connects to 11 national destinations via 21 flights5. It is significant that international traffic to PIA has almost doubled since 2003, with continued increase on an annual basis bringing tourist wealth to the region6.

The city of Florence and Florence Peretola Airport are approximately 45 minutes drive from Villa Saletta, depending on traffic. There have been numerous projects to improve and extend the airport in recent years involving over â&#x201A;Ź11m of works on the runway and â&#x201A;Ź4.5m renovation of the terminal, starting in 2006, which increased the capacity of the airport to 2.2m passengers/year7. The airport is currently serviced by 17 airlines offering services to 16 European and 3 domestic destinations.8

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3 PIA. http://www.pisa-airport.com/index.php?arrivi=Mosca (Domodedovo)&id_sect=1 4 Knight Frank. The Wealth Report 2012. http://www.thewealthreport.net/prime-property/prime-numbers.aspx 5 PIA. http://www.pisa-airport.com/index.php?arrivi=Mosca (Domodedovo)&id_sect=1 6 PKF (2010) Villa Saletta: Market study with earnings estimates for a proposed luxury hotel and residential scheme at Villa Saletta, Tuscany. 7 Aeroporto di Firenze. http://www.aeroporto.firenze.it/EN/index.php?percorso=contents&jk=27&curr=0 8 Aeroporto di Firenze. http://www.aeroporto.firenze.it/EN/index.php?percorso=contents&jk=114&zp=C&tipo=E&ln=1&curr=0&st=12&num=12

Jacopo Riccardi moves to Pisa

n Unparalleled Location

Villa Saletta is at the centre of Tuscany’s world renowned cultural attractions and is ideally located as a base from which to explore them. The range of activities for visitors to Tuscany is enormous. One can feast their eyes on some of the world’s most famous cultural sites, relax in spectacular countryside, enjoy the food and wine for which the region is rightly famous, or visit the Tuscan coast with its fabulous beaches, smart boutiques and sophisticated restaurants. There are numerous festivals and the presence of many of the most famous fashion houses is reflected in fashion shows. For the active, there is horse riding, shooting, sailing and golf. Villa Saletta is ideally located as base from which to explore all the most significant towns and cities in Tuscany including: 

Florence, and its celebrated Renaissance art treasures Pisa, with its legendary leaning tower Forte dei Marmi, with its glamorous restaurants and boutiques on the Tuscan coast Siena, and its famous striking cathedral towers and bi-annual palio (horse race) San Gimignano, with its medieval “Manhattan” skyline Volterra, famed for its Roman amphitheatre and fine alabaster Lucca, with its delightful quiet streets, surrounded by ancient walls, with numerous concerts throughout the summer months

Villa Saletta allows the visitor to discover Tuscany in an authentic and memorable way. Close to both the sophisticated coast and traditional small towns of the region, and all while feeling far from the madding crowd, the countryside provides a quiet backdrop of unmatched beauty with cypresses, ancient olive groves and fruitful vines.

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Riccardo di Iacopo Riccardi appointed to manage Villa Saletta

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rigins In The Heart Of Tuscany

Tuscany enjoys a glittering and fascinating past. The name of the region is derived from its Etruscan origins in the ninth century B.C. Tuscany’s cultural and economic flowering was rooted in the evolution of its great citystates from the 12th to 13th centuries, notably Florence, Pisa and Siena. By the beginning of the 14th century, Villa Saletta was well established as a key location in Tuscany. It caught the attention of the Gambacorta – an adventurous Pisan family of merchants and bankers. Following their purchase of Villa Saletta, they gradually acquired further lands around it to form a single, contiguous estate. The last surviving member of the Gambacorta family, Lotto di Francesco, left the estate to the “Certosa di Calci” (the chartreuse of Calci) on his death in 1397, who in turn appointed Riccardo di Iacopo from the rising Riccardi family, bankers from Florence, to manage the estate in 1461.

Under the direction of the Riccardi, Villa Saletta became increasingly significant. In the 15th century Vatican Book of Maps, it is presented as a place of equal importance with Pisa, and features in numerous sketches, paintings and frescoes from the 18th century. Its quiet beauty was as apparent then as it is now. The Riccardi were enthused both by the beauty of the estate and by its proximity to Florence, which enabled them to visit it regularly while attending to their business and political ambitions in Florence as it emerged as the dominant power of the region. When the surrounding lands were returned to the Certosa in 1565, the Riccardi ensured that they came to an arrangement which enabled them to retain Villa Saletta.

Villa Saletta San Gimignano

First reference to Giovanni Riccardi’s villa

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orgo Fattoria

1810

After years of bitter conflict, Pisa came under the rule of Florence in the middle of the 15th century, drawing the Riccardi’s full attention to Villa Saletta. The Duchy offered tax incentives to Florentines who were prepared to move to the Pisa region to start new commercial activities. Two Riccardi brothers needed no further encouragement, and moved their main residence to Villa Saletta. When the Riccardi took residence at Villa Saletta it was still a small fortified village with a number of isolated farm houses, but they began the process of enlarging and developing it, focused around a magnificent central villa. Between 1580 and 1620 the Riccardi family put in place a plan to make Villa Saletta an

efficient, unitarian Borgo Fattoria. The estate became entirely self-sufficient. Meat came from domestic cattle, wild boar and deer which were hunted on the estate and from game and domesticated birds (Colombaia – towers on top of buildings for pigeons - are characteristic of the old farmhouses in the area). Grain was milled in the village of Roglio on the estate. Flour was stored in the granaio, then used by the Villa Saletta baker to make bread in an oven which can still be seen today. Grapes were turned into wine in the Borgo’s cantina and olives into olive oil in the frantoio.

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The Riccardi acquire Villa Saletta from the Certosa

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abriello Riccardi

In 1751 Gabriello Riccardi inherited the Villa Saletta estate. While his forebears had focused on their political careers, taking up office in the Florentine Grand Ducal Court, Gabriello had a remarkable vision for Villa Saletta.

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Gabriello achieved high office in the Roman Catholic Church, being appointed one of the Canons to Florence and a Prelate (in Church hierarchy, one step below a Cardinal). However, while his spiritual life was of enormous importance to him, he was also a noteworthy antiques collector, a patron of the arts and culture, an intellectual and a philosopher. Hugely influenced by his humanistic interests and classical authors such as Lucretius and Oratius with their love for nature, Gabrielloâ&#x20AC;&#x2122;s vision was to make Villa Saletta a place of perfect peace and beauty. In order to achieve this goal, Gabriello completely remodelled the Borgo as the

perfectly ordered Borgo Fattoria we see today. He reorganized the farming activities and introduced important innovations which reflected his philosophical â&#x20AC;&#x2DC;illuministicâ&#x20AC;&#x2122; views. He renovated the Borgo of Villa Saletta through a plethora of works to almost all of the existing buildings then forming the Borgo. He also added new buildings including the magnificent baroque Madonna della Rocca Church, the frantoio and granaio. Today the Borgo stands in marked contrast to the numerous ramshackle borgos in Tuscany, which owe their form to centuries of ad-hoc organic development rather than to the clear vision of a single extraordinary man.

The Riccardi acquire Villa Saletta from the Certosa

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abriello Riccardi

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Villa Saletta described as comprising a large house, an old palazzo, square, church and stores

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he Altana

When the principal villa of the Borgo was constructed under the close direction of the Riccardi in the sixteenth century, it had an open loggia on the top floor which allowed for fresh air and spectacular views across the estate, the distant hills and Mediterranean coast. The loggia was subsequently closed in 1737, possibly because of risk of collapse from high winds, but the owners obtained permission to reopen it in 2008. The original columns have been suitably reinforced with

steel rods at their centre and then strapped to a new roof structure. Today, one can again enjoy those views first enjoyed by the Riccardi. The Altana loggia is a truly unique place for entertaining, or a perfect signature bar.

Birth of Canon Gabriello Riccardi, responsible for the majority of the buildings that exist today

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he Frantoio

Tuscany has always had a very close association with olive oil. Villa Saletta is no exception, with olive trees framing the Villas Saletta properties. Olive trees are grown over much of the estate, as they have been for centuries. They are harvested, as they have always been, entirely by hand. The present frantoio within the Borgo was constructed under the direction of Gabriello Riccardi in the eighteenth century. Under the Riccardi, the olives were pressed to create the oil in a frantoio (olive mill) within the Borgo complex.

Its cool and spacious vaulted rooms exude a palpable sense of calm (the pressing of olives has long since been transferred to modern facilities.) As part of the hotel planning consents, permission has been obtained to turn this building into an exceptional spa and wellness centre.

Gabriello Riccardi inherits the Villa Saletta estate

2009

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hurch Of Madonna Della Rocca

Italy is currently one of the most popular overseas wedding destinations. Italy is currently one of the most popular overseas wedding destinations. The demand for weddings in Tuscany is expected to continue to grow, and Tuscany could become as popular as other established overseas wedding destinations such as the Caribbean and the Maldives.9 The Borgo’s Chapel and the envisaged adjacent function room are perfect to house a wedding never to be forgotten, evoking stories and magic of the past to provide a special backdrop for a couple’s most memorable occasion. It is worth noting that the chapel’s position at the

entrance to the estate is also important in allowing wedding parties to enter and enjoy the ceremony while the rest of the hotel guests can continue their vacations in privacy. Gabriello Riccardi commissioned the Church in baroque style, with three altars, the organ and the exquisite decoration we see today. The chapel was built as a private ‘oratory’ for the family and to enshrine the Madonna della Rocca painting, which dates back to the middle of the thirteenth century. Sadly, the original was stolen in 1998, but a copy fills its void today.

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9 PKF (2010) Villa Saletta: Market study with earnings estimates for a proposed luxury hotel and residential scheme at Villa Saletta, Tuscany.

980

The Frantoio is expanded to its present form

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he Legend

The Church was dedicated to Madonna della Rocca in memory of a miracle, which legend has took place at a shrine at La Rocca, an area of the Villa Saletta estate.

At a time of famine in the Middle Ages, two children went to the shrine to pray, for the harvest had failed. There was no grain from which to make bread, and hunger lived in their humble dwelling. At the shrine they met a beautiful lady, who told them to go home and lift the lid of the madia, the wooden trough in which their mother had kneaded dough when flour was plentiful. The children hurried home, and, sure enough, rising dough was lifting the domed lid and beginning to overflow. They called their mother, who stood amazed for a moment, then, crossing herself, set to work. Many were the journeys they made to the public oven that day, many were the loaves they distributed among their fellow

sufferers from the famine, and still the dough continued to rise. Their madia sustained the community throughout the famine until the land became fruitful once more. The next day, the children returned to La Rocca in order to thank the lady, but when they reached the spot there was only the murmur of bees and the faint scent of roses. They realized that they had seen the Blessed Virgin, and, falling to their knees, gave thanks. While the Church was built as a private chapel for the Riccardi, local people have always been allowed to celebrate the Virgin once a year by a procession. The Image is carried from the church to the end of the Borgo and back to the church on Easter Monday.

Extensive expansion of the workers’ houses and church of Madonna della Rocca

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he Gamba Castelli Era

In 1832 the Riccardi, having lost almost all of their fortune, sold the Villa Saletta estate to the Mannelli Galilei family. Through them the Gamba Castelli came to inherit the estate. The Castelli family were successful merchants, originally from Genoa. At the beginning of the nineteenth century, Domenico Castelli had established as his main commercial base the port of Livorno. Domenico’s daughter married Gino Niccolai Gamba, who inherited a large fortune including the Forcoli Estate adjacent to Villa Saletta. When he died, his wife Sofia married Riccardo Mannelli Riccardi, who became

stepfather of Sofia’s three daughters and one son. He decided to let his stepson adopt the Gamba Castelli family name. Throughout the 19th and the first half of the 20th centuries the Gamba Castelli continued to expand the Estate, both by buying further parcels of land and by introducing technical improvements such as mechanized agriculture to increase the estate’s productivity.

Tabaccaia built

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he Borgo Hotel

The permitted luxury hotel development on the Borgo and Montanelli property reflects Villa Salettaâ&#x20AC;&#x2122;s unique attributes and natural beauty. The piano attuativo planning permissions and Convenzione (planning agreement) obtained at the end of 2009 will permit the conversion of the Borgo to an iconic luxury hotel of just over 17,000m2 with service and office buildings down the hill down the hill from the Montanelli.

tradition of evolving the buildings which comprise Villa Saletta, instead of pressing olives in the Frantoio, guests will be able to relax in a unique spa, look up at the iconic clock tower from the swimming pool or enjoy magnificent views from the Altana Bar on the top floor of the main palazzo.

The ease with which Villa Saletta can be accessed, coupled with the scale and orderliness of its buildings as a result of the historic vision of Gabriello Riccardi, mean that the Borgo is ideally suited for this iconic luxury hotel development.

For those who wish to celebrate their weddings, they will be able to celebrate their wedding mass (if Roman Catholic) in the Church of the Madonna della Rocca, and afterwards celebrate in the newly built function room and gardens. For those who are not Roman Catholic, the Church will be available for celebratory services.

Within half an hour of leaving Pisa Airport, one can be relaxing at Villa Saletta, enjoying peace and tranquillity in the same way as the Riccardi in centuries gone by. True to the

An outline of the permissions appears on page 38.

Bankruptcy of Riccardi family

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he 21st Century Residences

As a supreme compliment to the Borgo hotel conversion the development package also offers the opportunity for new-build touristic residences on a hilltop names for its two historic farmhouses Poggetto and Poggettino. According to an inventory dates 1627, Poggetto was then one of many poderi that formed the Villa Saletta estate, and Poggettino was built on the same ridge. Both are typical examples of the farm houses lived in by an extended family, who farmed but did not own the surrounding land. Cattle would have been kept on the ground floor with family accommodation on the first floor. Around each podere would have been orchards, vines, olive groves and arable fields. The opportunity to develop new-build on a hill-side in Tuscany is extremely rare. In

2009, planning consent was obtained along with the Borgo permissions that enable the development of a luxury residential development on this site of 6,350m2 gross internal area, including a communal Club House, to complement the hotel. The two existing derelict farmhouses (Poggetto 919m2, Poggettino 417m2) can also be restored and incorporated into the development. Linked to the restoration and development of the Borgo, these residences could be managed by the Hotel Operator as an exclusive community.

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Giuseppe Riccardi, last male heir, dies. Estate passes to their Castelli relations

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uxury Living

The residences would have leisure facilities, including a gym and swimming pool, dining facilities with a restaurant and bar, and hotel standard housekeeping and management services. The new-build residences will be perfectly arranged to meet the criteria of the discerning buyer in the market for a second home, with whole or fractional ownership or a Private Residence Club. Key factors affecting second homes purchases include accessibility and convenience, luxury, and prestige. With the participation of a world-class hotel operator, and complete access to the facilities of the main hotel and estate throughout the year, the envisaged residences will encompass all of these motivators and more.

The proposed luxury residences at Villa Saletta, nestled within rolling hills of vineyards, at the heart of a culinary paradise, and proximate to golf courses and the Italian coast, offer the right mix of passion and investment opportunity for high-net worth buyers. â&#x20AC;&#x153;The wealthy are increasingly looking to combine their investments with something they can also enjoy.â&#x20AC;?10 An outline of the planning permissions appears on page 40.

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10 Knight Frank. The Wealth Report 2012. http://www.thewealthreport.net/investment/passion-play.aspx

Count Fabrizio Niccolai Gamba Castelli sells the estate to Arcadian

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lanning - The Borgo

The Borgo benefits from planning consents set out in a Piano Attuativo and associated documents which will allow for the creation of a super luxury hotel spanning circa 17,000m2 (gross serviceable area, including circa 4,200m2 of new buildings). Accordingly, the consents will permit the following. ď&#x201A;§

Adaptation of the existing buildings to create a hotel with up to 131 guest rooms. In order to preserve rooms of historic and artistic value, the consents allow for the creation of additional volumes in the basements of the buildings to house services such as air conditioning, heating, fire protection, etc.

Construction of a car park for up to 130 cars for guests (located on the east side to the rear of the Palazzo and out of view) and associated service roads.

Creation of additional volumes located below to house the air conditioning plant, the water plant, the anti-fire pressurization plant, drinking water and water storage tanks for the fire sprinkler system, the power generator, electrical equipment and other minor functions.

Construction of a new private function facility for 200 people to the rear of the private chapel (at lower level) with a private roof garden, a new signature bar, the Altana, a sophisticated health and wellness centre of, circa 935m2, within the historic Frantoio.

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Installation of a swimming pool on the West side of the Borgo.

1200s

Restaurant areas, which will be located on two floors, to cover a total area of 400m2 and accommodate approximately 300 guests.

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980

Hotel Borgo 1. 2. 3. 4. 5.

Chapel Function room Swimming pool Altana bar Spa

Estate purchased by The Hands Family Trust

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lanning - Poggettino New Build

Permission has been granted to construct a new residential development to be operated in conjunction with the hotel by the hotel operator on a ridge to the South of the Borgo which lies between two farm houses called “Poggetto” and “Poggettino”. It has good access to the local road network. The framework of the Piano Attuativo requires that the development be constructed as a typical settlement of the region, ranged along a road which enlarges at points to form squares, to recall the shape of the structure of hilltop borghi and, in particular, the morphology of the Borgo di Villa Saletta. The arrangement of the buildings and their functions has been designed to take advantage of their views over the surrounding landscape. The new-build area comprises permission to construct a residential development to be managed by the hotel operator comprising 18,000m3 gross internal volume with: 6,350m2 for individual residence unit accommodation, including a club house, gym, shop, storage areas, kitchen, technical areas and services;

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12,400m2 for green areas, car park and access, squares, and swimming pool;

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 Permission granted on the basis of residences that form the shape of a Borgo for use as non-primary residences;

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

The permissions are subject to conditions (a) that work on the residences project at Poggettino cannot commence until 10 million euros (by valuation) of structural restoration work, including rebuilding of floors and walls for hotel complex rooms as well as basic installation of new mechanical and electrical plants, has been carried out to the Borgo and (b) that permits necessary for running the residences will be issued once the Borgo has been completed.

The existing villas, Poggetto (919m2) and Poggettino (417m2) may be redeveloped alongside the new build to create a residential complex on a hilltop site.

Planning permission obtained to develop the Borgo and Poggettino as a world class resort

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lanning - Montanelli

The back of house facilities for the hotel at the Borgo and the residences at Poggettino will be located in the village of Montanelli, Commune of Palaia, adjacent to a provincial road called ‘Strada Provinciale delle Colline per Legoli’. The complex will comprise three buildings. The main building is a 19th century building in a good state of conservation. The planning regime will permit the reorganization of the internal areas with limited changes to the external facades. Within the building will be located the service areas for Borgo Villa Saletta and Poggettino, such as employees’ areas, changing rooms, offices, storage and shops. For the other buildings in disrepair part of the complex (old stables, living quarters, barn), consent has been given for their total demolition. The buildings will be reconstructed (within the urbanistic limits of the scheda norma R5 of Regolamento Urbanistico del Comune di Palaia) using the extra volumes allowed and will be constructed in different positions from the current ones, with functions compatible with the requirements of the overall project. The buildings will be used to house centralized laundry services for the hotels, maintenance areas and storage over two floors. The works include: 1,955m2 for:  Changing rooms, offices, employees areas, shop, storage, archive (Building 1: 863m2  Laundry, maintenance workshop and offices (Building 2: 578m2)  Storage and offices (Building 3: 513m2)  2,815m2 for green areas, parking and square.  Hotel employees will have a separate car park located in Montanelli. A shuttle will provide transport to and from the Borgo.

IMPORTANT NOTICE

This information memorandum (the “Memorandum”) has been prepared by Hotel Borgo Villa Saletta s.r.l. (with regard to those assets owned by it) (“HBVS”) and Fattoria Villa Saletta s.r.l. (with regard to those assets owned by it) (“FVS”) and, together with HBVS, the “Villa Saletta Group”) for their exclusive benefit in connection with a potential investment in the Villa Saletta Group and/or a potential sale of all or part of the shares, businesses or assets of the Villa Saletta Group. This Memorandum is being distributed to a limited number of sophisticated institutional and financial investors who have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of any investment in or acquisition of the Villa Saletta Group for the sole purpose of providing background information about the Villa Saletta Group so as to assist those recipients in obtaining a general understanding of the businesses of the Villa Saletta Group and to decide whether they wish to be considered as prospective purchasers and/or investors in the Villa Saletta Group. This Memorandum (together with any further information) is confidential and is made available, together with any further information which may be provided to the addressee, on the condition that it is for use only by the addressee specified above, and shall not be passed on to any other person or reproduced in whole or in part and shall be returned along with any other copies at any time at the request of HBVS or FVS. In addition, in accepting receipt of this Memorandum, the recipient shall be deemed to accept and agree to the terms of this Important Notice. This Memorandum has been provided for information purposes only. No liability whatsoever is accepted and no representation, warranty or undertaking, express or implied, is or will be made by HBVS, FVS, any other member of the Villa Saletta Group, any of their direct or indirect shareholders or any of their respective Agents, being their directors, officers, employees, advisers, representatives or other agents for any information, projections or any of the opinions contained herein or for any errors, omissions or misstatements. Neither HBVS nor FVS, nor any other member of the Villa Saletta Group, nor any of their direct or indirect shareholders nor any of their respective Agents makes or has authorised to be made any representations or warranties (express or implied) in relation to the Villa Saletta Group or as to the truth, accuracy or completeness of this Memorandum, or any other written or oral statement provided. Only those representations and warranties which are made in any definitive sale and purchase agreement or definitive investment agreement, as applicable, which will not contain any representations, warranties or undertakings as to this Memorandum, shall have any legal effect. This Memorandum is based on historical information provided by management of the Villa Saletta Group or taken from public sources, none of which has been independently verified or assessed by HBVS or FVS.

This Memorandum includes statements, estimates, opinions and projections with respect to anticipated future performance (“forward-looking statements”) which reflect various assumptions concerning anticipated results taken from a valuation prepared by PKF which were provided to HBVS and FVS and their respective management and which may or may not prove to be correct. Such forward-looking statements reflect current expectations based on the current business plan and various other assumptions and involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Such forwardlooking statements only speak as at the date of this Memorandum and no member of the Villa Saletta Group nor any of its shareholders (direct or indirect) nor any of their respective Agents is under any obligation to update or revise such forward-looking statements to reflect new events or circumstances. It is up to any recipient of this Memorandum to make its own assessment of the validity of such forward-looking statements and assumptions and no liability is accepted by any member of the Villa Saletta Group, by any shareholder or by any of their respective Agents in respect of the achievement of such forward-looking statements and assumptions. You should not treat the contents of this Memorandum as advice relating to legal, financial, taxation or investment matters or as an opinion as to the fairness of the purchase price of any sale of the shares, assets or business of the Villa Saletta Group, and you are advised to consult your own professional advisers concerning the acquisition, holding or disposal of shares or an investment in any member of the Villa Saletta Group. You should undertake such independent investigation, assessment or analysis of the legal, taxation, financial and other consequences of an investment in or acquisition of the Villa Saletta Group, including the merits of investing and the risks involved, as you consider appropriate for your purposes. This Memorandum does not constitute nor should it be regarded as an offer or invitation to purchase shares in or assets of any member of the Villa Saletta Group and must not be relied upon by any persons for any purpose. Distribution of this presentation and the offering of shares in certain jurisdictions may be restricted by law. Accordingly, recipients represent that they are able to receive this Memorandum without contravention of any applicable legal or regulatory restrictions in the jurisdictions where they reside or conduct business. Any acquisition of, or investment in, any member of the Villa Saletta Group will be made solely on the basis of a definitive sale and purchase agreement or investment agreement, as the case may be. In the event of any inconsistency between this Memorandum and such sale and purchase agreement or investment agreement, as the case may be, the information in the sale and purchase agreement or investment agreement, as the case may be, will prevail. In accepting receipt of this Memorandum, you acknowledge and agree that HBVS and FVS each reserve the right, in its sole discretion, to reject any and all proposals made by you or by any of your directors, officers, employees or advisers with regard to a potential investment in, or a potential sale of all or part of the shares, business or assets of, the Villa Saletta Group, and to terminate discussions and negotiations with you at any time.