Real estate private equity firm Boscalt and Edmond de Rothschild Real Estate have joined forces to launch a €500 mln European hotel investment fund.
The vehicle, Boscalt Hospitality Fund, is a Luxembourg based fund focused on the upscale to luxury segment of the hotel market, and targets assets in prime locations of key European cities and offering redevelopment potential.
The fund is believed to be looking to build up a €500 mln portfolio over the next three years, across 8-12 hotel properties with an estimated 1,500 bedrooms.
In July this year Boscalt Hospitality completed its first investment with the purchase of 15 Old Bailey in London's City financial district. Built in 1874 by architect Evans Cronk, the 110-room hotel provides 6,000 m2 of space and was bought for €23 mln, with the new owners planning to invest further to redevelop the asset.
