Aviation ties: € 200 million fund for hotel purchases

by time news

The airline tourism company is expanding its operations and setting up a fund worth 200 million euros, with the aim of investing and purchasing hotels in the Mediterranean basin, in countries such as Greece, Italy, Spain, Portugal and Cyprus, and in the Balkans.

According to the company’s announcement, Aviation Connections undertakes to invest in the fund 15% of the total liabilities of the partners, with the amount standing at 30 million euros. The fund will work to locate potential hotel assets for purchase or investment and will improve them after their purchase.

The investments will be led by an investment committee composed of representatives of the fund’s partners. The Investment Committee will be chaired by Keith Lindsay, who holds senior positions in the global hotel industry and serves as chairman of the Ritz International Hotel Group. Lindsay was one of the founders of the Global Hotel Investment Fund of the global AIG Corporation.

The fund’s management includes Adv. Jackie Holly, Ron Yariv, former director of the Africa Israel hotel chain, Adv. Ofer Firt and Frank van Gilles, who has gained experience in managing real estate transactions in Europe. Annual accommodation in each of the Foundation’s hotels in the Mediterranean and Balkan destinations.

Aviation Relations CEO Yoram Mutai said: “The tourism industry in Israel and around the world is experiencing the worst crisis in its history due to the corona. The economic slowdown has created a significant opportunity for investment in the hotel industry, and with the recovery we identify opportunities for attractive investments. “

He said, “The establishment of a fund is an opportunity to combine the experience of aviation relations in tourism marketing with the expertise of the partners in the hotel industry, in order to build a model that will bring unique value to investors in the tourism industry.”

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