— Thu Apr 22 2021
Press Release: Acquisition of 2 Hilton Hotels in Florence, Italy
Pygmalion Capital, a dedicated special situations European Hotel Investment Specialist, Announces the Acquisition of 2 Hilton Hotels in Florence, Italy.
Pygmalion Capital Advisers LLP (“Pygmalion”) today announced the first acquisition of the Hilton Florence Metropole and the Hilton Garden Inn Florence Novoli, two hotels located in Florence, Italy. The acquisition fully reflects Pygmalion’s investment strategy focused on opportunistic European real estate hotel investments expected to deliver a net annualised IRR of over 15%1 . The portfolio of two Hilton-branded hotels totalling 333 keys was acquired within a Non-Performing Loan portfolio; Hilton will continue providing branding.
Former Goldman Sachs banker Christophe Beauvilain, CFA, Founder and Managing Partner of Pygmalion Capital Advisers LLP, said, "Given the strong pipeline of special situations opportunities in the European Hotel sector, we are able to rapidly deploy capital towards attractive investments and are actively engaged in additional opportunities in Italy, Spain, Ireland and the UK. The current market disruption caused by Covid-19 has led to what we view as the best investment period ever to invest in the European Hotel sector.”
About Pygmalion Capital Advisers LLP
Pygmalion Capital Advisers LLP is an Investment Firm exclusively focused on European Hotel investing. The Pygmalion team offers a combination of special situations and turnaround Hotel investing expertise and track- record, Hotel asset management experience and extensive direct local market relationships across Europe. In 2018, Pygmalion and CBRE Global Investment Partners established a joint venture for the acquisition and repositioning of special situations hotel assets in Europe which already manages 9 hotels. The Pygmalion Hotels team operates out of offices in London and Barcelona with an additional presence in Italy expected in 2021.
Pygmalion was advised by Dentons, Deloitte and Artelia.
