GE Real Estate Europe has jumped aboard the Capital France Hotel fund, joining BNP Paribas Assurance as a founding limited partner.
The two companies intend to grow CFH's assets under management to $1.5 billion by the end of 2010 by investing in hotels across the Euro zone, Scandinavia and Central and Eastern Europe.
Capital France Hotel is managed by Algonquin Asset Management France. It currently owns and manages a portfolio of nine three- and four-start hotels in urban locations under Rezidor brands The fund plans to focus on mature markets, especially Germany, France and Space, but will also keep a vigilant eye on Eastern European countries. Radisson and Park Inn. Additionally, GE Real Estate has purchased three French assets, operated by Accor and Marriot, into the fund, in exchange for CFH shares and cash.
