ICG Real Estate has teamed up with hotel investor Pro-invest to invest up to 拢500m (鈧�572m) in UK assets.
The two firms have created a venture which intends to acquire 鈥渉igh-quality hotel assets鈥� in London and other core-UK markets.
Krysto Nikolic, the global head of ICG Real Estate, said: 鈥淲e are excited about the opportunity developing in the UK hotel sector.
鈥淭his 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鈥�
Sabine Schaffer, the CEO of Pro-invest Europe, said: 鈥淭he UK is one of Pro-invest鈥檚 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.
鈥漌e 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.鈥�
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