Exterior of hotel in Milan The entrance to the Boscolo Milano, one of nine properties acquired by Värde. (Photo: Marriott International)

MILAN—Värde Partners on Friday closed on its acquisition of Italian luxury hotel chain Gruppo Boscolo. US-based Värde did not disclose the final purchase price, which included the acquisition of more than 90% of Boscolo’s outstanding debt in nine separate transactions since mid-2016. However, published reports value Boscolo at €500 million, or approximately US$535 million.