Pygmalion Capital acquires two Hilton Hotels in Florence, Italy
Pygmalion Capital Advisers (Pygmalion) has acquired 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 per cent. 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, says: "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.”