Tristan Capital Partners has acquired the first asset for a new €500m hotel investment strategy.
Back in January, the manager announced plans to target hotel investments and appointed Luc Boschmans from Archer Hotel Capital as managing director of hospitality investments.
Tristan Capital Partners said its EPISO 5 fund has acquired a hotel asset in Manchester in the northwest of England, without disclosing any financial information.
The 261-key, four-star hotel opened in May following a three-year conversion from an office building. The hotel will be rebranded to Yotel and will be operated by Hamilton Hotel Partners.
Kristian Smyth, executive director, investments at Tristan Capital Partners said: “This acquisition represents the first step in our wider hotel strategy and we are very excited to have started with a hotel of this quality. The acquisition is our first alongside Hamilton Hotel Partners and we expect to continue to grow this relationship.”
Smyth said funds advised by Tristan have been actively pursuing hospitality opportunities with an emphasis on the UK and Spain and “we are focused on acquiring assets which we believe will fit into either our core-plus or opportunistic funds”.
Smyth said Tristan’s plan is to invest in excess of €500m over the next 12 months, adding that it is currently in talks regarding a number of transactions in this space.
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