Pembroke Hospitality launches ISIF-backed investment fund for Irish hotels

Pembroke Hospitality and the Ireland Strategic Investment Fund (ISIF) have announced a new €50 million Hotel Investment Fund (HIF) that will invest in hotels that suffered a negative impact to their trade as a result of the pandemic.

Pembroke, a hospitality sector advisory company and asset manager, and ISIF, a State development fund managed by the National Treasury Management Agency, said the HIF will provide owners with interim funding over the medium term to assist with their post-Covid business recovery.

It will target investments in hotels in the Republic, which are graded three-star and above and have a minimum of 25 bedrooms.

The HIF will provide investment in the form of a three-year preference equity, subordinated to senior/bank debt, with a coupon that is rolled up until redemption at the end of the term. Pembroke Hospitality will manage and execute the fund in partnership with BVP Investments.

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The fund will invest in hotels that have a viable growth plan but are unable to raise finance from banks or alternative lenders. The HIF will provide facilities to hotels between €500,000 to €5 million for a three-year timeframe, with initial applications to be made through the HIF website, HifIreland.ie.