Yotel has announced that a fund affiliated with Starwood Capital Group has committed to making a strategic investment of $250 million in the company.
Yotel says the investment will give Starwood a 30 per cent stake in the company and will be used to acquire real estate for new builds, hotel conversions and adaptive reuse properties. The announcement forms part of Yotel’s international expansion plans.
The hotel group says its worldwide growth will be focussed on Europe, North America and Asia, with Starwood already securing sites in Edinburgh, Glasgow and Amsterdam, which are expected to open under the Yotel brand in 2019.
Hubert Viriot, CEO of Yotel, commented: “Yotel is growing rapidly, with 15 hotels currently at various stages of development.”