Canadian Duo Raising €500-Million Hotel Buyout Fund
Written by What's On Report
Canadians David Mongeau, 53, and Piers Talalla, 45, are predicting the bottoming out of the European luxury hotel market. The duo has launched a new €500-million hotel buyout fund called Avingstone, which aims to acquire big hotel properties in Europe. Mongeau and Talalla are, respectively, chairman and CEO of the hospitality-investment bank Avington Financial.
The company was established in the upscale Mayfair district of West London, England, after they left CIBC. After two weeks they have confirmed €310-million of the targeted funding. Their lead investors include English brothers Ian and Richard Livingstone, whose London & Regional Properties has a €9-billion portfolio that includes more than 50 upscale hotels. According to Mongeau, Avingstone has also attracted the interest of a southeast Asia-based sovereign wealth fund and “a couple of dynastic European families.”
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