Starwood Capital Group hoovers up London aparthotels in new UK deal
American property investment firm Starwood Capital Group has acquired a clutch of aparthotels properties in London, after buying five companies out of administration.
The announcement comes days after news that Starwood bought the 100-bedroom Blythswood Square hotel in Glasgow and the 49-bedroom Bonham hotel in Edinburgh.
The latest acquisitions, which follows a £206m financial restructuring, comprise Aparthotels (Bermondsey), Aparthotels (Tower Bridge), Mazey Properties, Tower Bridge Road Developments, and Warwick Road Developments.
Think Apartments previously operated the aparthotels prior to the administration in October 2013 of the property's freehold owner.
The restructuring and sale were completed by valuation and finance firm Duff & Phelps, and ensured that all creditors were paid in full.
Managing director of Duff & Phelps, Geoffrey Bouchier, said: "The companies underwent a very successful financial restructuring process which enabled the subsequent sale to Starwood Capital Group. Under their new ownership the properties and their respective operations are in a stronger position to carry their business into the future."
Starwood Capital Group is becoming a familiar name in the UK hotels market, after it also acquired De Vere Venues for £231m in March 2014, Four Pillars Hotels in January 2014 for around £90m, and the 23-strong Principal Hayley Group for an undisclosed amount in February 2013.
Peter Taylor sells Blythswood Square and sister hotel >>
Four Think Apartments to close after sister companies go into administration >>
