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Sign in Sign up for a FREE subscriptionSierra, PGIM launch hospitality JV, make first hotel acquisition in Porto
Sierra, a multinational vertically integrated real estate player, and PGIM Real Estate have signed an agreement to launch a dedicated investment platform in the form of a joint venture with the hospitality operational management team of Iberian Hospitality Solutions (IHSP) led by Gonçalo Batalha.
The joint venture marks another step in Sierra’s diversification strategy, both from a sector perspective (hospitality) and type of investment (value-add hospitality assets), and targets a gross asset value (GAV) of €200 million ($214 million). PGIM Real Estate has entered into the joint venture on behalf of its European value-add strategy.
The joint venture will target sizeable hotels in consolidated leisure destinations and deploy strategies to maximize value creation. The first acquisition is a top-tier, upper-upscale hotel in Porto, Portugal. Situated within walking distance of the city’s main attractions, it is scheduled to open in the second half of 2024 and aimin
