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CBRE GIP and Pygmalion create European hotel venture
Investors - NOVEMBER 13, 2018

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CBRE GIP and Pygmalion create European hotel venture

by Andrea Zander

CBRE Global Investment Partners (CBRE GIP) and Pygmalion Capital Advisers have established a strategic alliance to acquire and reposition hotel assets.

The venture acquired a portfolio of nine four-star establishments in Spain that comprise a total of 1,650 rooms, which will be operated by Hoteles Silken. The hotels are located in Seville, Madrid, Bilbao, San Sebastian, Santander, Tenerife, Valladolid and Ciudad Real.

“We have entered the Spanish hotel market for the first time with the acquisition of a much-requested portfolio,” said Alexander van Riel, responsible for Continental Europe at CBRE GIP. “We will generate value through selective actions of added value, and at the same time we will benefit from a stable and secure income stream. Over time, we will make additional investments that we will also invest in hotels with indexed leases.”

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