Advising Leeu Collection; international compliance with seamless results
The client
Leeu Collection is an esteemed international portfolio comprising four boutique hotels and six award-winning dining establishments. In 2017, the group ventured into Italy, acquiring the globally known school Collegio alle Querce in Florence, which they are transforming into a luxury five-star hotel.
After collaborating with an initial advisory firm for two years, Leeu Collection sought a new partner to assist in the continued development and opening of their Florence-based property.
“We want to always have a strong wavelength match with whoever's advising us. Through a colleague in Rome, we were alerted to HLB Taxlex (HLB Italy) and joined hands with them.” Said Hardik Manek, Group Vice President & Managing Director, Leeu Italy.
The assignment
Since 2019, HLB has supported Leeu Collection on several compliance and statutory elements for the development of their asset in Florence, Italy. When working in Italy, Leeu Collection identified several challenges and cultural differences in compliance and tax regulations and wanted a partner who could provide local tax regulation expertise in the Italian market.
“The journey with HLB started with a lot of very important statutory elements.” Said Hardik. Our parent entity is in India, to avoid double taxation and to navigate equity infusion from India, it is a mountain of paperwork.”
“Italy is not a market for beginners. The level of formality and red tape is unparalleled. Luckily, we had HLB who are supporting us in compliance and through these procedures.” Added Hardik.
The initial engagement focused on statutory and compliance services. However, as the relationship grew, so did HLB's involvement. Trust between Leeu Collection and HLB strengthened over time, leading to HLB taking on more responsibilities, becoming a trusted partner in the project.
“Because of the strong relationship, over time we became the trustees of Leeu Collection and any tasks involving Italy, we were asked to work on it. We were happy to do this as it worked for us to better serve the client.” Explained, Marco Gragnoli, Managing Partner, HLB Taxlex.
The value we added
The partnership between Leeu Collection and HLB has been characterised by trust, deep understanding of the project and local expertise of the Italian market. HLB’s involvement extended beyond traditional advisory services, contributing to the smooth execution of due diligence and other important processes.
Hardik said, “We’ve been working with Marco and Arianna Mancini for three years already. They know the project as well as me and in terms of due diligence everything went smoothly. It is a testament to how well HLB knows the project and the company. This resulted in a very meaningful engagement for both parties.”
“Through this project, both sides obtained several results and benefits, and most importantly, Leeu Collection received a seamless service with continuity.” concluded Marco.
The construction of the Florence hotel is set to be completed by the end of 2024. HLB’s ongoing involvement will ensure that Leeu Collection continues to receive the highest level of advisory support as they prepare to open the luxury destination. The partnership between Leeu Collection and HLB highlights how strong relationships, and expert advisory services can help overcoming complex international market challenges.
Staying true to the HLB ‘together we make it happen’ philosophy, it is the human element that makes HLB stand out for Bernd. When asked if he would recommend HLB to his peers, he replies, ‘’Yes. I would recommend you to my peers. Very simply because you have a global network with a personal touch - and the human element differentiates you from your peers. As at the end, it's just about connecting humans’’.
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