LaSalle Investment Management is implementing a €500 million pan-European urban hospitality investment strategy in partnership with alternative accommodation operator Numa Group.
Through this partnership, the two actors aim to acquire, renovate and operate vacant or soon-to-be-vacant city hotels, serviced and extended stay flats as well as boutique hotels in major Western European cities. This partnership is part of the deployment of LaSalle IM's value-add investment strategy.
The pan-European hospitality fund will also target conversion projects from non-institutional or non-branded owner-operators.
LaSalle Investment Management said that a pipeline of 15 assets located in the heart of cities in the UK, Spain, Italy and the Netherlands has already been identified. The assets are worth over €450 million.
Renovations are expected to take between 6 and 18 months. On delivery, the renovated properties will offer rooms for all lengths of stay, from short to medium and long stays.
Numa Group, a specialist in technology-based alternative accommodation, will be responsible for the design, management and operation of these assets.
For these joint projects, LaSalle and the NUMA Group intend to integrate various sustainability criteria. BREEAM certification, at Excellent or Exceptional levels, will be systematically sought, as part of a global strategy that aims to make the portfolio carbon neutral by 2050.
This venture illustrates the growing symbiosis between technology and real estate. We are delighted to be contributing to the enhancement of the short and long stay urban hospitality experience alongside a strong technology partner like Numa.
Michael Zerda, Head of Debt & Value-Add Strategies at LaSalle IM
As Covid restrictions ease across Europe, tourism-driven markets in leisure travel destinations, as well as European city centres in general, will continue to rebound. This strategic partnership with Numa will capitalise on this by providing a reliable, high quality, technology-based product with a seamless customer experience in markets that have fragmented hospitality stocks.
Blake Loveless, Head of Value Added Investments at LaSalle IM
Our partnership with LaSalle underscores our ability to deliver fully integrated and seamless technology-based institutional hospitality solutions. We expect the hotel operator sector to continue to benefit from the ongoing megatrends, consumer shifts and the global post-pandemic recovery.
Philipp Rohweder, Director of Real Estate at Numa Group
