Tristan Completes First Acquisition for New €500m Hotel Strategy
18 October 2021, London: Tristan Capital Partners’ EPISO 5 Fund has acquired the first property of its new hotel investment strategy in Manchester, England.
The 261-key, four-star hotel is located in Deansgate - one of the city’s oldest city centre thoroughfares. The asset opened in May 2021 following a three-year conversion from an office building. It is complemented by a state-of-the-art gym, which is currently occupied by Trib3, and has a contemporary F&B offering.
As part of the Fund’s business plan, the hotel will be rebranded to YOTEL, a fast expanding lifestyle brand with 18 hotels in operation across Europe, Asia and North America and significant global expansion plans. The hotel will be operated by Hamilton Hotel Partners.
Kristian Smyth, Executive Director, Investments at Tristan Capital Partners said: “This acquisition represents the first step in our wider hotel strategy and we are very excited to have started with a hotel of this quality. The acqusition is our first alongside Hamilton Hotel Partners and we expect to continue to grow this relationship.”
“Funds advised by Tristan have been actively pursuing hospitality opportunities with an emphasis on the UK and Spain and we are focused on acquiring assets which we believe will fit into either our core-plus or opportunistic funds. Our objective is to invest in excess of €500 million over the next 12 months and we are currently in discussions regarding a number of transactions in this space.”
The Fund was advised by Greenberg Traurig, LLP, PWC, Workman and HVS.