Former HSBC Asia Equities Head Plans Hospitality Assets Fund

HSBC Holdings Plc’s former Asia-Pacific equities head Rakesh Patel plans to raise a $50 million fund to invest in wellness hospitality real estate in Asia, targeting undervalued assets.

Alta Capital Real Estate launched the Alta Hospitality Fund Asia to acquire boutique hotels, wellness retreats and villa communities with 50 to 150 keys, according to a press release. It will focus on Thailand, Vietnam, Indonesia, Sri Lanka, Malaysia, Korea and Japan.

The fund sees “an attractive entry point in the market cycle,” according to the statement.

The fund will invest in renovating and rebranding properties for the post-Covid world, in ...