Pygmalion Capital Buys Two Hilton Hotels in Florence, Italy
Main Photo: The Hilton Florence Metropole
Date: April 2021
Location: Florence, Italy
Names: Hilton Florence Metropole and the Hilton Garden Inn Florence Novoli
No. of Keys: 212 & 121 – 333 in total
Seller: TBA
Buyer: Pygmalion Capital, a dedicated special situations European Hotel Investment Specialist, announces the acquisition of 2 Hilton Hotels in Florence, Italy, the Hilton Florence Metropole and the Hilton Garden Inn Florence Novoli. The acquisition fully reflects Pygmalion’s investment strategy focused on opportunistic European real estate hotel investments expected to deliver a net annualised IRR of over 15%.
The portfolio of two Hilton-branded hotels totalling 333 keys was acquired within a Non-Performing Loan portfolio; Hilton will continue providing branding. Former Goldman Sachs banker Christophe Beauvilain, CFA, Founder and Managing Partner of Pygmalion Capital Advisers LLP, said, “Given the strong pipeline of special situations opportunities in the European hotel sector, we are able to rapidly deploy capital towards attractive investments and are actively engaged in additional opportunities in Italy, Spain, Ireland and the UK.
The current market disruption caused by Covid-19 has led to what we view as the best investment period ever to invest in the European Hotel sector.”
In 2018, Pygmalion and CBRE Global Investment Partners established a joint venture for the acquisition and repositioning of special situations hotel assets in Europe which already manages 9 former Silken hotels. The Pygmalion Hotels team operates out of offices in London and Barcelona with an additional presence in Italy expected in 2021.
Pygmalion was advised by Dentons, Deloitte and Artelia.
THPT Comment: Good to see Pygmalion on the growth path, and entering the Italian market.
First Seen: Pygmalion press release
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