Remy Gancel, managing director and head of new business for theGE division, tells that France has a favorable balancebetween supply and demand. "The fund's strike zone, the mid andupscale segment, covers the bulk of the European market, avoidingniche sectors, such as the budget and upper-scale segments," hesays. "(These) segments are a good trade-off for GE as they are agood compromise between the budget segment, which is the mostoperationally driven, and the luxury segment, the most volatilesegment." He says the venture hopes to open the fund to otherthird-party investors once it reaches its $1.5 billion goal.


The fund has owned and managed nine hotels in French urbanlocations, operated under Radisson and Park Inn brands, includingthe Radisson Nice, the Raddison Lyon and the Park Inn Nancy, since2007. GE has now brought in two hotels in Paris operated by Accorunder the Mercure brand, and one hotel in Cap d'Ail operated underthe Marriott brand. The combined properties total about 2,140rooms.

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