Pygmalian Capital, a dedicated special situations European hotel investment specialist, has announced the acquisition of the Hilton Florence Metropole and the Hilton Garden Inn Florence Novoli in the Northern Italian city of Florence for an undisclosed amount.
The assets providing a total of 333 rooms were acquired within a Non-Performing Loan portfolio and were previously owned by the Italian Bagnoli and Maestrelli families.
Hilton will continue providing branding.
‘The acquisition fully reflects Pygmalion’s investment strategy focused on opportunistic European real estate hotel investments expected to deliver a net annualised IRR of over 15%,’ the buyer said in a statement.
Former Goldman Sachs banker Christophe Beauvilain, founder and managing partner of Pygmalion Capital Advisers, said, ‘Given the strong pipeline of special situations opportunities in the European Hotel sector, we are able to rapidly deploy capital towards attractive investments and are actively engaged in additional opportunities in Italy, Spain, Ireland and the UK. The current market disruption caused by Covid-19 has led to what we view as the best investment period ever to invest in the European Hotel sector.’
Pygmalion was advised by Dentons, Deloitte and Artelia.
The company, which currently operates from offices in London and Barcelona, plans to open an additional office in Italy later this year.
