BERLIN — Pygmalion Capital Advisers is employing its funds to help hotel owners experiencing non-performing loans to realize the potential of their assets.
During an interview at the International Hotel Investment Forum, Christophe Beauvilain, Pygmalion’s founder and managing partner, said his company looks at hotels with a price range of between 30 million euros ($32 million) and 50 million euros.
The firm, which has offices in Barcelona and London, also completes portfolio transactions and has a couple it is analyzing now.
Beauvilain said the company’s focus largely has been on special-situations assets since the Great Recession, but not all distress in Europe is evident.
“It depends on what your definition of [distress] is? If you are tracking what the main brokers are selling … the last two years basically valuations have been staying extremely high, but I would argue that when you are a hotel owner in a distressed situation, it is very unlikely you are going to appoint one…