Thesis Driven’s Buy Box series is for accredited & institutional investors. It highlights unique and innovative real estate projects seeking private investments.
Today’s Buy Box features Giovanni Bonelli Group, an investment platform for Mediterranean hotels, wineries & villas
Don’t miss Thesis Driven’s deep dive interview with the GBG founder Michael Kennedy Thursday, September 11th. Register here (for accredited & institutional investors only). Note: recordings will be shared with all who register.
Executive Summary
Giovanni Bonelli Group (GBG) is assembling blue-chip wine-country assets—an anchor boutique hotel (Borgo Bonelli) plus two fractional villas/townhomes (Villa La Collina & Podere Scopeto)—into a coherent platform that converts luxury travel demand into ownable, income-producing real estate.
The core value proposition: own the land, control the hospitality, compound the brand—so individuals and families participate across cash flow, appreciation, and personal utility. Tuscany is the archetype: ultra-luxury ADRs supported by constrained supply, global demand, and “once-there, always-back” loyalty.
GBG is raising capital to complete and scale the Tuscany starter portfolio and the operator platform behind it.
Market Opportunity
Wine-country estates are under-operated and mispriced relative to their experiential value. The gap: fragmented sellers, regulatory friction, and a scarcity of operator-curators who can turn historic properties into durable, high-rate boutique hospitality with real brand equity.
Macro tailwinds support the playbook: record travel spend, rising private wealth allocating to tangible/lifestyle assets, and generational turnover of estates in Italy.
For investors, Tuscany offers high ADRs, diversified revenue (rooms, club, F&B, events, wine/DTC), and real-asset downside protection.
The Tuscany Portfolio
GBG offers flexible entry points—from IRR-focused SPV co-investments to lifestyle fractional ownership and full estate/brand acquisitions—so families can align capital with their goals.
The three Tuscany assets below are in active investment now, and GBG can also structure bespoke mandates (single-asset, portfolio, or co-GP) tailored to specific use, scale, and legacy objectives.
Borgo Bonelli — Flagship Boutique Hotel (Yield/IRR)
Historic multi-structure estate; 9 luxury suites + spa/fitness, winery, clubhouse, library
Acquisition ~$3M; renovation ~$7M
Pro forma (2029): ~$4.2M revenue, ~37.5% EBITDA; ADR progression ~$1,800 → $2,160+
Minutes from blue-chip comps (Belmond/Rosewood zone) driving rate integrity
Podere Scopeto — Townhome Fractional (Lifestyle + Sell-Through)
4 units (three 2BR, one 3BR) offered as ~60 fractions at $200k–$300k each
Shared access to Borgo Bonelli amenities; acquisition ~$2M; renovation ~$5M
Sales window targeted 2026–2028
Villa La Collina — Flagship Fractional Villa (Legacy)
~13,200 SF farmhouse + small home, winery, pool; 10 shares at ~$1M each
Acquisition ~$1.5M; renovation ~$4.5M; targeted opening 2027
Personal use + club/concierge + on-site wine production
Flywheel effect: Hotel sets the standard and ADRs → fractional converts guest demand into ownership → wine/club/DTC deepen attachment and repeat visitation.
Investment Opportunity
Total Capital Required: $10–15M across Borgo Bonelli + Podere Scopeto (project-level co-invest); Villa La Collina to follow on a staggered schedule
Use of Proceeds: Complete renovations; launch hotel operations; fractional sales/marketing; platform build (club, DTC, guest → owner funnel)
Structure: Direct SPV co-investments for each asset; optional GP co-participation for alignment
Target Close: Rolling closes aligned to construction & sales milestones (Tuscany 2025–2027 cadence)
Strategy
Flagship Location: Chianti/Tuscany, proximate to ultra-luxury comps; irreplaceable sites with estate scale, vineyards/olive groves, and authentic architectural fabric
Platform Build: Centralized brand, revenue management, membership/club, F&B/events, and DTC wine overlay; institutional reporting at the SPV level
Scale Plan: Aggregate 4+ hotels / 10+ residences; standardize design/ops and membership to create portfolio value and credible institutional exit lanes
Differentiator: Operator-led control of real estate + hospitality + agriculture; not a listing marketplace
Track Record of Founder & Team
Michael Kennedy (Founder/CEO): Multi-region winery and hospitality builder with sommelier/hotel roots; repeat experience creating place-driven luxury that converts to loyalty and spend
Winemaking & Ops Bench: Seasoned vintners (incl. pedigrees from top Napa houses) and hospitality leaders from Ritz-Carlton/Auberge/Rosewood backgrounds
Local Execution: On-the-ground permitting/design teams and artisan builders experienced with protected historic fabric
Current Status
Assets: Borgo Bonelli acquired/under renovation; Podere Scopeto and Villa La Collina sites secured for fractional program
Design/Pre-Opening: FF&E/specs, spa/club programming, and membership constructs in development
Capital Raise: In process for project-level SPVs; OpCo funded via fees/co-invest and select strategic capital
Go-to-Market: Fractional presales sequencing alongside hotel brand launch; club and DTC channels to drive conversion
Key Questions
We’ll cover the below questions and others as part of our live interview with the ALUM founders (Thursday, September 11, link below):
What ADR and occupancy ramp should investors underwrite in years 1–3 post-opening—and how does seasonality shape cash flow?
How are fractional resale mechanics and governance structured to protect value and alignment?
What are the liquidity pathways (refi, recap, programmatic roll-up, strategic sale) and target timing for each?
How does GBG allocate margin across rooms/club/F&B/events/wine/DTC, and where does incremental dollar of capex earn the highest return?
Next Step: Live Interview
A live interview with Michael Kennedy will be held Thursday, September 11th at 3pm ET to dissect the business plan, walk through the Tuscan projects, and address investor questions.
To RSVP, sign up here (note you must be an accredited investor). Note: recordings will be shared with all who register.