One Billion Euro Hotel Fund Receives Interest From Middle East
The Middle East has shown significant interest in a $1 billion ($1.47bn euro) hotel fund launched by US based investment trust company, Waldeck Capital. The company launched the Global Hospitality Recovery Fund in March 2009 and it focuses exclusively on the premium end of the luxury market. The fund will purchase delinquent assets being disposed of by institutional investors, distressed assets in negative equity, and non performing assets with negative cash flow.
CEO of Waldeck Capital, Tom Smit, said they have so far received ‘significant interest’ from Middle East investors, especially Kuwait and Abu Dhabi. He said the fund is focusing on acquiring assets in Europe and the United States, but is also considering properties in the Middle East. Mr. Smit explained, “I think first of all, a lot of Middle Eastern players in the industry understand that the markets have taken a nosedive. A lot of them have had to take writedowns.”
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