ICG Real Estate has launched an investment platform with specialist hotel investor and asset manager Pro-invest Group, with a target to invest up to £500m in UK hotel properties.
The jv will seek to acquire hotels in London and other core UK markets.
Krysto Nikolic, global head at ICG Real Estate, pointed to a growing opportunity in the UK’s hotel sector, underpinned by an expected period of market dislocation.
“This joint venture combines the strengths of ICG and Pro-invest in hotel investing and asset management, positioning us well to invest into the ongoing changes in the current economic and business cycle, which we believe will drive a period of dislocation and repricing,” Nikolic said.
“The jv will create a diversified, institutional-quality portfolio that will meet evolving consumer demand and ESG requirements.”
Sabine Schaffer, chief executive at Pro-invest Europe, said: “The UK is one of Pro-invest’s high-conviction European markets; one where the combination of our vertically integrated business model and significant in-house expertise and experience allows us to create significant value for hotel investors.”
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