Singapore-based real estate asset management company Prima Asset Management has collaborated with Australia-based hotel group Schwartz Family Company for a London Paddington hotel redevelopment project in the UK.

The collaboration will see Schwartz Family Company become a key investor in Prima's redevelopment project, with potential involvement in future ventures as well.

This alliance represents a significant step in Prima's UK expansion strategy, which is further strengthened by the Schwartz Family Company's portfolio of 15 hotels and over 4,300 rooms across Australia.

Schwartz Family Company director Jerry Schwartz said: "Having been associated with Prima's team for over two decades, continuously fostering a wonderful relationship, this investment is deeply meaningful as it reconnects me with the neighbourhood where I spent some of my early life.

"Prima's vision for this project, along with future opportunities, aligns perfectly with my passion for creating sustainable, modern hospitality spaces."

As part of its growth plans, Prima aims to continue capitalising on opportunities within Europe's hotel market.

Alongside the London Paddington hotel redevelopment project, the investment strategy of Prima is centred around acquiring and transforming Central London hotels.

To support this strategy, investment company Aurum Gravis has also committed to backing Prima's hotel expansion.

Prima CEO and co-founder Ben Hall said: "Our strategic focus on value-add opportunities in Central London is already yielding promising results.

"By combining our in-house expertise with high-value, industry-leading partnerships, we are positioned to deliver sustainable long-term returns through our regulated VCC Fund, managed by First Degree Global Asset Management."

This commitment extends to targeted opportunities in the Purpose-Built Student Accommodation (PBSA) and Co-Living sectors across strategic UK locations, alongside Baksh Capital.

In June, Prima Asset Management acquired the freehold Prime Hotel in the Paddington area in London.

The acquisition is part of the company's aim to enhance its presence across the UK, through the VCC Investment Fund managed by First Degree Global Asset Management.

"Prima and Schwartz partner on Paddington hotel redevelopment project in UK" was originally created and published by Hotel Management Network, a GlobalData owned brand.