LaSalle Investment Management is setting up a €500m value-add pan-European urban hotel investment strategy in partnership with alternative accommodation operator Numa Group.

LaSalle said a pipeline of 15 city-centre assets in the UK, Spain, Italy, and the Netherlands representing over €450m in value has already been identified.

The newly created partnership will seek to acquire, refurbish and operate vacant or soon-to-be-vacant urban hotels, serviced and extended stay apartments, boutique hotels. It will also target conversion projects from non-institutional or unbranded owners and owner-operators, LaSalle said.

The acquired properties will be designed, managed, and operated by Numa.

Michael Zerda, the head of debt and value-add strategies at LaSalle Investment Management, said: “This venture exemplifies the growing symbiosis between technology and real state.

“We are excited to help improve the urban short stay, long stay hospitality experience alongside a strong tech partner like Numa.”

Blake Loveless, the head of value-add investments at LaSalle Investment Management, said: “As Covid restrictions ease across Europe, tourism-led markets in leisure travel destinations, as well as European city centres more generally, will continue to rebound.

“This strategic partnership with Numa will capitalise on this by providing a trusted, high-quality, and tech-enabled product with seamless consumer experience in markets that have fragmented hotel stocks.”

Dimitri Chandogin, president of Numa Group, said: “Numa’s strategic partnership with LaSalle is another milestone in institutionalising the alternative accommodation segment and offering a professional investment solution for the fragmented European hospitality market, especially for owner-operators.”

Philipp Rohweder, director of real estate at Numa Group, said: “Our partnership with LaSalle underscores our ability to offer institutional fully integrated and seamless tech-enabled hospitality solutions.

“We expect the hospitality sector to continue benefiting from ongoing megatrends, consumer shifts, as well as the overall post-pandemic recovery.”

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