Invesco Real Estate has conducted the first close of its second pan-European hotel fund, IPE reports. The investment manager received €85 million in capital commitments from four institutional investors for the new fund, which will invest in mid-market, modern hotels in strategic locations. Invesco will have investment of about €170 million when combined with leverage to buy a seed portfolio of European hotels identified ahead of the capital raising program. In 2006, the firm raised €350 million for its first hotel fund.
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