Procaccianti Companies-backed Smith Hill and Bain Capita, two private equity firms, agreed to form a joint venture in a $1bn deal. Financial terms were not disclosed. “Rising interest rates coupled with lender pullback in the real estate debt capital markets has created a significant opportunity to deliver flexible financing solutions to high-performing, growth-oriented hospitality borrowers. We believe our joint venture with Smith Hill Capital is tailor-made for this moment in hospitality because it combines decades of industry and capital markets experience with a highly attractive market opportunity,” David DesPrez, Bain Capital Managing Director.