Invesco beefs up European hotel fund team

The Dallas –based firm is adding to its hospitality roster with an eye to further hotel funds and investment mandates within the next two years.

Invesco Real Estate has hired two real estate pros for its hotel and leisure fund management business. 

Marc Socker and Keith Evans are joining the London office, the firm said in a statement. Socker joins as acquisitions manager from the corporate finance team of global property services firm DTZ, while Evans joins as an analyst from Spanish consultancy EuroPraxis Consulting.  

Jochen Schaefer-Suren, the head of Invesco's hotel and leisure fund, said there are plans for further hotel strategies, funds and investment mandates to add to the existing vehicle. “We are building our hotel asset management and investment capabilities for our existing hotel fund management business but are also planning additional hotel investment strategies, funds and investment mandates for the next 12 to 24 months,” said Schaefer-Suren.  

Dallas-based Invesco manages a total of 10 hotels for the European hotel fund. The firm raised €1.2 billion ($1.7 billion) last year and owns the exclusive hotel investment management rights for French insurer Generali France.  

According to the statement today Invesco has approximately €240 million of additional acquisitions in advanced talks to add to the 10 current assets. The fund acquired five hotels in France, Germany and Poland in June this year, as the fund increased its investments. The assets were the 180 –room Radisson Park Inn Roissy at Charles de Gaulle airport in Paris, a Sofitel in Nice subsequently rebranded as an NH Hotel, two Holiday Inns in Wroclaw and Gdansk in Poland, and a 146-room Premium hotel in Frankfurt-Niederrad, Germany. At the time, the firm said it had a further €1 billion to invest for the vehicle.  

The firm believes the European market benefits from healthy trading, generally benign economic context and positive structural developments, including the continued growth of internationally branded hotels.

Invesco Real Estate is a division of Invesco’s global investment management business. In Europe, it employs around 65 people operating from offices in London, Munich, Paris, Madrid and Prague.

Approximately one third of its €22.4 billion global property assets under management are in direct European real estate. The firm started out investing in US direct real estate in 1983 and then real estate securities in 1988 before branching out into European direct real estate in 1996. So far this year, the firm has appointed a new head of business development, opened offices in Shanghai and Tokyo and made new hires for its Paris office.