Madison Cairn and PGIM Real Estate’s joint venture (JV) has opened its first hotel, Staybridge Suites Brighton.
The JV was set up to acquire, develop and/or reposition hotels across the UK, and long stay hotel Staybridge - located on Fleet Street near Brighton’s mainline train station - is its first investment.
Partners Madison Cairn and PGIM Real Estate say they believe destinations such as Brighton and other selected locations are likely to outperform in the current geopolitical climate.
What they said
Aneil Handa, director of Madison Cairn said: “We are thrilled to open our first hotel with our joint venture partners, PGIM Real Estate. This is a key milestone for us, and we look forward to exploring more opportunities across the UK.”
Charles Crowe, managing director at PGIM Real Estate said: “We’re delighted with the opening of this first project with Madison Cairn, one of the most experienced operators in the sector, and look forward to progressing our venture.”