ICG Real Estate has teamed up with hotel investor Pro-invest to invest up to £500m (€572m) in UK assets.

The two firms have created a venture which intends to acquire “high-quality hotel assets” in London and other core-UK markets.

Krysto Nikolic, the global head of ICG Real Estate, said: “We are excited about the opportunity developing in the UK hotel sector. 

“This joint venture combines the strengths of ICG and Pro-Invest in hotel investing and asset management, positioning us well to invest into the ongoing changes in the current economic and business cycle which we believe will drive a period of dislocation and repricing”

Sabine Schaffer, the CEO of Pro-invest Europe, said: “The UK is one of Pro-invest’s high conviction European markets; one where the combination of our vertically integrated business model and significant in-house expertise and experience, allows us to create significant value for hotel investors.

”We are excited about the opportunity for synergies created by our partnership with ICG, not only in purchasing and managing assets but also future proofing them for sustainability requirements.”

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