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Established last month, the regional investment business will be led by former executives from ADIA and global hospitality group IHG.
Most of the vehicles will be focused on non-core strategies in the sector and the North America region, according to PERE data.
hotel distress
Funds targeting the sector are seeking nearly 50% more capital than they did a year ago, even though sales fell in 2020 from the previous year.
The firm acquired a five-star hotel in Sydney from Chinese developer Greenland last month for around 30% below replacement value.
The $2.8bn sale to Highgate is potentially the first many large hospitality portfolio sales, but a debt transfer of its size is unlikely to be repeated
As covid-19 amplifies the exodus from big, expensive cities, institutional capital must decide if it wants to join the retreat or bet on a return.
Hotels was the worst performing real estate sector in H1 2020, but some managers are banking on a rebound in the sector.
Kevin Colket, founder and CEO of the Global Hospitality Investment Group, says a second or third wave of covid-19 should be a risk that is underwritten when pricing for hotel acquisitions in the current market.
Distressed hotel deals are now visible, but access to many would-be discounted transactions in the sector looks restricted.
A nine-month ‘national timeout’ for the hospitality sector will bolster liquidity, according to the private wealth law firm.
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