New joint venture targets £500 million UK hotels investment
L-r: ICG’s Krysto Nikolic and Pro-invest’s Dr Sabine Schaffer.
Asset manager ICG Real Estate and specialist hotel investor Pro-invest Group have launched an investment platform with a target to invest up to £500 million in UK hotel assets.
The joint venture is aiming to acquire high-quality hotel assets in London and other core-UK markets.
Quality portfolio
Krysto Nikolic, global head of ICG said: “We are excited about the opportunity developing in the UK hotel sector. 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.
“The JV will create a diversified, institutional-quality portfolio that will meet evolving consumer demand and ESG requirements.”
High conviction market
Dr Sabine Schaffer, CEO of Pro-invest Europe, added: “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.
“We are excited about the opportunity for synergies created by our partnership with ICG, not only in purchasing and managing assets but also future proofing them for sustainability requirements.”
Pro-invest is also very active in the Australian hotel market and is currently developing Holiday Inn Express & Suites Parramatta in the Sydney suburbs. This project will deliver 239 rooms in Q1 2024.
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