The new program will aim to own and reposition hotels.
CBRE Global Investment Partners (CBRE GIP) and Pygmalion Capital Advisers LLP (Pygmalion) start with a portfolio of 9 hotels (1,650 rooms) in Spain, previously owned by the construction group Urvasco.
European Hotel Venture will renovate the properties and Silken Hotels will operate them.
Alexander van Riel, Head of Continental Europe, CBRE GIP, says: “We have entered the Spanish hotel market for the first time acquiring a sought-after portfolio. This transaction is part of our overall strategy to implement programs that will grow in collaboration with industry specialists.”
Christophe Beauvilain, founding Partner of Pygmalion Capital Advisers, says: “The Silken portfolio provides us with a strong basis for rapid expansion in the Spanish market given our fast-growing pipeline of investment opportunities.”
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