Aviva and Algonquin launch European hotel fund
Aviva Investors Real Estate France has teamed up with Belgian group Algonquin specialised in hotel private equity to launch a European hotel investment fund named Primotel Europe.
It seeks to invest €240m over three years in French and European hotels that have been awarded three to five stars. The strategy targets institutional investors.
Last December, Primotel Europe has made its first acquisition of two hotels in Brussels: the Renaissance Brussels and the Marriott Executive Apartments Brussels, both situated close to the European Parliament.
Aviva has invested €40m for the fund’s first acquisition. Algonquin will remain a minority equity investor and will be the operating partner of the fund.