New joint venture targets £500 million UK hotels investment

by | 11 Oct 2022 | Portfolio

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.

Related Articles

Marriott International acquires City Express hotel brand

Marriott International acquires City Express hotel brand

The completion of this transaction now makes Marriott International the largest hotel company in the Caribbean and Latin America, bringing its presence in the region to over 480 properties. A significant acquisition As Marriott announced the acquisition of the City...

Choice completes EMEA brand refresh with Ascend Collection

Choice completes EMEA brand refresh with Ascend Collection

This follows its Comfort, Clarion, and Quality hotels already adopting the new brand direction and the Sleep Inn brand having been recently introduced to the region. Ascend’s ascension The Ascend Hotel Collection portfolio across EMEA currently comprises a network of...

Scottish hotel chain acquired by private investors

Scottish hotel chain acquired by private investors

The deal is aimed at further expanding the new private investor owners’ UK luxury leisure platform. Upper market target Crerar’s portfolio of seven four and five star hotels will form a key part of the new owners’ plans. The hotel group had recently realigned its...

Indonesian hotel group acquires compatriot

Indonesian hotel group acquires compatriot

Artotel believes the deal will strengthen its position in becoming a leading Indonesian hospitality management company. Bountiful brands MPHG has six hotel brands: Maxone, Nite & Day, Zia, Ruma Ruma, Marc, and One of a Kind, collectively comprising 45 hotels...

Sonesta announces creation of new development team

Sonesta announces creation of new development team

The creation of this team signifies a focus on growing the upper upscale brands of what’s become the eighth largest hotel company in the US. Upper upscale growth Sonesta’s newly created team will now lead the growth of the company’s upper upscale brands, which include...

US group travel hotel line rebrands

US group travel hotel line rebrands

The company recognises that travellers today are roaming the world differently than they did a few years ago and therefore its rebrand is not just a name change, but is aimed at representing the new reality of travel.  Six times the size Roami intends to shape the...