LaSalle Investment Management is extending its reach into value added real estate investments in Europe with a pipeline of 15 city-centre hospitality assets to be refurbished as urban hotels and managed online by new partner, NUMA Group.
LaSalle said its pipeline was worth over €450 mln counting assets that owners are looking to exit in the UK, Spain, Italy and the Netherlands.
It expects refurbs to take between 6 and 18 months to complete hotels that will cater to short-, medium- and long-term stays.
Numa operates a website called Numastays.com whose motto is “Bring some soul to travel”.
The Germany-based company says it has state-of-the art technology, with proprietary software digitalising more than 80% of its internal processes from booking and room allocation to housekeeping and accounting offering locations in Germany, Austria, Spain, Italy, and the Czech Republic. The assets do not have receptions.
In February this year, Numa said it had raised $45 mln growth funding from DN Capital Group, Headline, and other investors such as Cherry Ventures, Soravia, Kreos Capital, TruVenturo, and Scope Hanson.
Numa was formerly called Cosi Group. It changed names in July 2021 under a rebranding initiative.
LaSalle described its new partnership as a €500 mln urban hotel portfolio strategy forming part of its new value added business.
Michael Zerda, head of debt & value-add strategies at LaSalle, said: ‘This venture exemplifies the growing symbiosis between technology and real estate. We are excited to help improve the urban short stay, long stay hospitality experience alongside a strong tech partner like Numa.’
Dimitri Chandogin, Numa’s president, added: ‘Our clear goal is to establish Numa as the dominant solution provider for a completely new generation of hotels and short stay accommodations in Europe. 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.’
LaSalle and Numa will look to integrate various sustainability standards, including hybrid ventilation and water recycling strategies, which are intended to achieve Excellent or Outstanding BREEAM assessments and help achieve net-zero carbon status across their portfolio by 2050.
Hotel market
Blake Loveless, head of value-add investments at LaSalle, 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.' He said the partnership would capitalise in markets that have fragmented hotel stocks.
