Avington Financial, the London-based independent investment bank, has launched a hotel fund aimed at buying hospitality assets in distressed situations across Europe.
According to a report by the Financial Times, Avington, which was formed by David Mongeau and Piers Talalla, is planning to buy between four and five hotels after corralling up to €500 million of capital from family offices among other investors.
the fund, called the Avingstone Fund, will target hotel properties awarded four star status or above. The firm is aiming to buy from hotel owners which borrowed heavily during the peak stage of the market but which are now struggling to meet their debt obligations.
Mongeau said: “2009 was the year of tweaking the covenants. 2010 will be the year when hoteliers decide that either they own the asset or they do something about it.”
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