Singapore-based Prima Asset Management has formed a strategic partnership with Schwartz Family Co. to accelerate its real estate expansion in London. As part of the collaboration, Schwartz will invest in Prima’s hotel redevelopment project in London’s Paddington and is likely to contribute to future projects.
Schwartz, one of Australia’s largest private hotel investor, manages a portfolio of 15 hotels with over 4,300 rooms nationwide.
Spotlight on the Paddington hotel’s redevelopment
Prima acquired the hotel in London’s Paddington submarket through its CVV Investment Fund in June 2024. The Victorian-era hotel will undergo extensive renovations to convert it into a boutique upper-upscale hotel, in partnership with London-based hotel operator and developer, Capilon Group, and financed by OakNorth Bank. The key count will also be raised, from the existing 68 rooms to over 80 rooms. Spanning 26,000 square feet, the hotel initially consisted of two family homes, which was converted into a hotel in the 1960s while maintaining its original 1840s façade.
Highlighting on the significance of the hotel project, Jerry Schwartz, director of Schwartz Family Co., said Prima’s vision for the project and future opportunities aligns with his passion for creating sustainable, modern hospitality spaces.
“Having been associated with Prima’s team for over two decades and fostering a strong relationship, this investment holds deep significance as it reconnects me with the neighborhood where I spent part of my early life,” Schwartz said in a release.
Prima said it will focus on value-add opportunities in Central London.
“By leveraging our in-house expertise and forming high-value, industry-leading partnerships, we are positioned to achieve sustainable, long-term returns through our regulated VCC Fund, managed by First Degree Global Asset Management,” said Ben Hall, CEO and co-founder of Prima.
Future plans
Prima will continue to capitalize on opportunities in London. As Europe’s top hotel investment destination, London recorded €2.6 billion in hotel deals in H1 2024, skyrocketing 215% from H1 2023, Prima said in the release.
Building on this momentum, Prime is aiming to close another hotel acquisition by Q1 2025, Michael Van den Brande, Prima’s senior investment manager, said.
Emphasizing the significance of partnerships in Prima’s expansion strategy, Co-Founder Birbal Singh Bajaj said: “Establishing strong partnerships and a presence in London underscores our growth strategy. We are excited about what the future holds as we expand and unlock more investment opportunities.”
Expanding horizons
Prima’s investment strategy goes beyond the hospitality sector. Alongside the London Paddington hotel redevelopment, the company is targeting Purpose-Built Student Accommodation and co-living developments in strategic destinations across the U.K. Aurum Gravis and Baksh Capital are providing additional support for these initiatives.
By combining strategic partnerships and focused investments, Prima is strengthening its position in the U.K.’s competitive real estate market, while contributing to the growth of London’s thriving hospitality sector.
