Marketing consortium Highly Individual Places (HIP) Hotels and investment advisory firm Tyndaris Real Estate have joined forces to launch HIP Hotels Capital, a €100m (£85.6m) fund for hotels to access for growth and improvements.
Funds may be used for a variety of purposes, including refurbishment and expansion of existing properties, acquisition of new properties, shareholder buyouts or the sale of a hotel.
The HIP Hotels collection of independent boutique hotels currently has 600 properties worldwide, including 65 in the UK, such as Manchester's Hotel Gotham (pictured) and 11 Cadogan Gardens, One Aldwych and Blakes hotel, in London. The brand was relaunched earlier this year after being acquired by Magic Ventures, a private investment arm set up by Raffaele Costa.
Initially, the company is looking at providing funding of €10 to €50m (approximately £8.5m to £42.8m) for properties in Europe. The business, which is already pursuing its ﬁrst transaction in Italy, is also available to help hotels outside the HIP collection.
HIP Hotels chief executive Gianpaolo Alfano said: "We realised how good the business could become, because there is a real gap in the market."
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