Generali Real Estate has marked its entry into the UK hospitality market with the acquisition of a four-star London hotel.
Generali Real Estate has invested an undisclosed sum to acquire the 203-key Novotel London Tower Bridge located at 10 Pepys Street, a transaction that pushes its pan-European hospitality portfolio to approximately €1bn.
The firm’s existing hotel allocation focuses on four and five-star properties in prime locations across Milan, Rome, Madrid, Paris, Prague, Venice and Lyon.
Gabriella Pelosi, head of hospitality sector and portfolio management at Generali Real Estate, said: “We are very pleased to add Novotel Tower Bridge to our portfolio. London is one of the most liquid and resilient gateway markets globally. This acquisition provides a strong foundation for the continued growth of our hospitality portfolio, further expanding its geographical exposure beyond the current footprint in Italy, Spain, France and Czech Republic.
“The asset is expected to deliver stable recurring income to our investors, while also offering attractive upside potential supported by its strategic location and solid market positioning.”
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