Former Hilton chief Sir David Michels launched a $307-million fund targeting investments in the European hotel sector, according to Travel Daily Media.
The fund, to be managed by his management and advisory firm Michels & Taylor, will focus on the U.K., although acquisitions elsewhere in Europe will also be considered, and will aim to find individual assets that can deliver significant trading improvements in the short to medium term. The targets: hotels with at least 100 bedrooms and worth between $15.3 million and $30.7 million. It will also consider small clusters of two or three hotels but portfolio transactions are not part of the investment strategy.
“I am extremely pleased to have secured the necessary funds for this new venture," David said. "The period of buying distressed assets in the U.K. hotel sector has gone for the time being and we are now in a period of driving value through better management. With Michels & Taylor now established as one of Europe’s leading hotel management and consulting businesses, we have the team to deliver these improvements and generate value for our investors.”