ICG and Pro-invest Europe launch €565m U.K. hospitality joint venture

ICG Real Estate has launched a new investment platform together with specialist hotel investor and asset manager Pro-invest Group, with a target to invest up to £500 million (€565 million/$552 million) in U.K. hotel assets.

The joint venture will acquire high-quality hotel assets in London and other core U.K. markets.

“We are excited about the opportunity developing in the U.K. hotel sector. This joint venture combines the strengths of ICG and Pro-invest in hotel investing and asset management, positioning us well to invest into the ongoing changes in the current economic and business cycle which we believe will drive a period of dislocation and repricing,” said Krysto Nikolic, global head of ICG Real Estate. “The joint venture will create a diversified, institutional-quality portfolio that will meet evolving consumer demand and ESG requirements.”