Starwood Capital snaps up seven Hilton hotels for £135m
An affiliate of Starwood Capital Group's Starwood Global Opportunity Fund XI has acquired seven Hilton hotels for £135m.
The private investment firm acquired the portfolio, which includes properties in London, Edinburgh, Bath and Belfast, from Park Hotels & Resorts.
The hotels include:
• Hilton London Angel Islington (188 bedrooms)
• Hilton Blackpool (278 bedrooms)
• Hilton Milton Keynes (138 bedrooms)
• Hilton Bath City (173 bedrooms)
• Hilton Belfast (198 bedrooms)
• Hilton Coylumbridge, Aviemore (175 bedrooms)
• Hilton Edinburgh Grosvenor (184 bedrooms), pictured
Starwood Capital Group plans to refurbish several of the assets and the portfolio will be managed by Kew Green Hotels under franchise agreements with Hilton.
Jon Asumendi, vice president at Starwood Capital Group, said: "We are acquiring this well-located portfolio at a substantial discount to replacement cost and with significant upside potential still to be realised."
Jamie Lamb, executive chairman of Kew Green Group, said: "We are very pleased to be partnering with Starwood Capital Group for a second time to unlock opportunities in the portfolio."
Kew Green Hotels operates more than 50 hotels in UK cities, of which most are operated under franchise agreements with a variety of brands including Holiday Inn, Crowne Plaza, Courtyard by Marriott, ibis Styles and Hampton by Hilton.
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