Algonquin: Schroders acquires Algonquin

Submitted by Catherine Lafferty on Thu, 2018-05-03 17:39Schroders is to acquire Algonquin, a pan-European hotels investment and management business for an undisclosed amount.Frederic de Brem, current chief executive of Algonquin is set to join Schroders as head of Schroder real estate hotels.The integration of the two businesses will begin immediately.Schroders said the acquisition was a "significant step" in the growth of its private assets and alternatives business.Founded in 1998, Algonquin manages €1.8 billion worth of assets. Its hotels are primarily managed through Algonquin's own brands or franchises including Sheraton, Marriott, Hyatt, Radisson and Sofitel. Duncan Owen, global head of real estate at Schroders, said: "Our strategy has been to concentrate on what we define as winning cities which benefit from key structural themes of urbanisation, changing demographics, technological innovation, the shifting demand from Asia and strong infrastructure."Schroders currently has €14.9 billion of gross property assets under management.©2018 funds europe