Orion European Real Estate Fund VI, managed by Orion Capital Managers, has signed the fund’s first investment by entering into a framework agreement with International Hotel Investments Plc (IHI), owner of the Corinthia Hotels Group portfolio and brand, to acquire and own 72 percent of the five-star 517 key Corinthia Hotel Lisbon.
IHI, which currently owns 100 percent of the asset, will retain a 28 percent interest in the joint venture following completion and its subsidiary Corinthia Hotels Limited will continue to manage and operate the asset.
Corinthia Hotel Lisbon, the biggest five-star hotel in the city, just underwent a complete refurbishment to upgrade its 517 keys; 3,000-square-meter (32,292-square-foot), award-winning spa; and three restaurants to cater to business, leisure and travelers for meetings, incentives, conventions and exhibitions (MICE).
The investment marks the first deployment of capital from Orion European Real Estate Fund VI, which is t
