The portfolio is located in several of the UK’s top hotel markets, includingÊLondon,ÊEdinburgh,ÊBathÊandÊBelfast, which benefit from high occupancies, high barriers to entry and solid investment fundamentals.
Starwood Capital Group plan to refurbish a number of the assets in order to transform operating performance and enhance asset values, with the portfolio being managed byÊKew GreenÊunder franchise agreements with Hilton Worldwide. This marks the second acquisition in 12 months where Starwood andÊKew GreenÊhave partnered, following the successful acquisition of the 298-key Holiday Inn Manchester inÊApril 2017.
“We are delighted to be partnering withÊKew GreenÊon yet another exciting transaction involving prime UK city centre assets,” saidÊJon Asumendi, Vice President at Starwood Capital Group. “We are acquiring this well-located portfolio at a substantial discount to replacement cost and with significant upside potential still to be realized. We look forward to investing in these properties alongsideÊKew GreenÊand leveraging Starwood Capital Group’s hospitality expertise to maximize portfolio performance and investment returns.”
“Adding seven high-quality Hilton branded assets to our Management Platform is an exciting step forward for the Kew Green Group.Ê We are also very pleased to be partnering with Starwood Capital Group for the second time to unlock opportunities in the portfolio, where we can create value together,” saidÊJamie Lamb, Executive Chairman, Kew Green Group Ltd.
