PGIM Real Estate has set up a joint venture with Madison Cairn, part of leisure developer Cairn Group, to invest in UK hotels.
The jv will buy, develop and reposition hotels it thinks will benefit from domestic leisure demand such as staycations. The venture has already picked up a first site in Brighton.
Charles Crowe, managing director and head of UK transactions at PGIM Real Estate, said: “We share conviction that the prospects for selected good-value domestic leisure markets have strengthened in light of recent events, and we look forward to expanding our venture soon in locations such as these.”
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