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Sir David Michels, ex-Hilton chief, has announced the launch of a new £200m fund targeting investments in the European hotel sector.
The fund, which will be managed by his management advisory firm Michels & Taylor, will primarily focus on the UK market, though acquisitions in Europe will be considered.
The aim of the fund will be to find individual assets which, with better management, can deliver significant trading improvements in the short to medium term.
The fund will focus on hotels with a minimum of 100 bedrooms and a value range of between £10m and £20m. It will also consider small clusters of two or three hotels but the firm stated portfolio transactions are not part of the investment strategy.
Michel said: “I am extremely pleased to have secured the necessary funds for this new venture. The period of buying distressed assets in the UK hotel sector has gone for the time being and we are now in a period of driving value through better management.
