Starwood Capital Group snaps up Hilton UK portfolio
Hilton hotels have announced that Starwood Capital Group has acquired seven of its UK hotels for £135mn.
Starwood Global Opportunity Fund XI, an affiliate of the private investment firm, acquired seven Hilton hotels.
The deal includes the 188-room Hilton London Islington, the 173-room Hilton Bath City, the 184-room Hilton Edinburgh Grosvenor, the 198-room Hilton Belfast, the 278-room Hilton Blackpool, the 138-room Hilton Milton Keynes and the 175-room Hilton Coylumbridge.
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Starwood Capital Group said that it plans to refurbish the assets and that the portfolio will be managed by Kew Green Hotels under a franchise agreement with Hilton.
This marks the second acquisition where Starwood Capital Group and Kew Green have partnered in the last year, following the successful acquisition of the Holiday Inn in Manchester, UK, last April.
“We are acquiring this well-located portfolio at a substantial discount to replacement cost and with significant upside potential still to be realised,” said Jon Asumendi, vice president at Starwood Capital Group.
Jamie Lamb, executive chairman of Kew Green Group, added: “We are very pleased to be partnering with Starwood Capital Group for a second time to unlock opportunities in the portfolio.”
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