The billionaire Livingstone brothers have teamed up with a Dutch pension fund manager to invest €1 billion in buying hotels from cash-strapped owners.
London + Regional, the global investment company of Richard Livingstone, 57, and his brother Ian, 59, today will announce the launch of a European hotel venture with PGGM and John Ozinga, 57, the former chief executive of Accor Invest, the property division of the French hotels group.
L+R Hotels already owns more than 100 hotels worth more than €5 billion, including Cliveden House in Berkshire, Nobu Hotel Ibiza Bay and the Fairmont Monte Carlo, although the new venture will be separate from its existing properties.
L+R and PGGM, a not-for-profit pensions administrator with €291 billion under management, together will contribute €500 million
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