PGGM and L+R Hotels launch hotel venture in Europe

Dutch pension fund manager PGGM and London hotel investor and operator L+R Hotels have invested in a European value-add hotel venture launched by LRO Hospitality.

LRO Hospitality, a new hotel asset management company, will originate transactions through an extensive network of industry contacts, actively manage hotels and implement asset-management strategies to enhance overall quality and performance. The company will focus on key Western European city markets in France, Germany, Belgium, the Netherlands, Luxembourg, Spain and Italy.

The company was set up by L+R Hotels and John Ozinga, the former CEO of Accor Invest.

“Current market conditions will present LRO Hospitality with attractive investment opportunities to acquire from investors or operators facing cash flow challenges,” said Ozinga. “Given the expected short- to mid-term post-pandemic recovery, we believe it is the best time for us to launch our first hotel venture.”