Private equity group unveils latest acquisition

15 May 2007 by
Private equity group unveils latest acquisition

Bahrain-based private equity group, Investcorp, has announced the acquisition of a portfolio of US hotels worth $450m (£228m).

The US Hotel Portfolio comprises nine properties from the Marriott, InterContinental, Hilton and Starwood hotel groups, three of which are located in Illinois, two in Oklahoma and two in Florida with the remaining sites in Texas and Virginia.

The Proccaccianti Group, one of the top privately held owner-operators of hotel assets in the USA, has retained a small equity stake in the portfolio and will act as property manager.

A spokesman for Investcorp said the deal was well-timed to take advantage of the momentum in the US hotel industry caused by the boom in residential house building, which has restricted hotel supply.

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By Emily Manson

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