EDITOR'S COMMENT
• It's always encouraging to see a major investor getting involved in European serviced apartments, so the news of Fortress Investment Group's acquisition of a majority stake in the PREM Group
is a reassuring pre-Christmas boost for the sector in general, at a time when uncertainty levels around travel and hospitality are on the rise again.
New York-based Fortress has more than $50 billion of assets under management, and its investment gives PREM Group a solid foundation to accelerate its growth in to new and existing markets.
Jim Murphy, CEO of PREM Group, singled out Germany as a new target market, when he welcomed his new "tenacious equity partner".
One of the attractions of Dublin-based PREM Group was surely the fact that it owns a significant number of the 38 serviced apartment and hotel properties it manages. In contrast to the wider hotel market, we are seeing a trend for investors in the serviced apartment and extended stay sector to favour having both opco and propco under the same ownership - this is happening in both US extended stay hotels and European aparthotels and serviced apartments.
This is just one of the trends I'll be discussing in the SAN 2022 trends webinar, which is taking place on Thursday December 10 at 2pm. I'll be joined by Andrew Harrington of AHV Associates, Jo Layton of CAP Worldwide and Alex Neale of SilverDoor.
Click here to register for the no-cost session and make sure you join us for our last webinar of 2021 - it's going to be a good one!
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