With hospitality assets growing in popularity, Ares Management has acquired an 18-strong hotel portfolio in a deal valued at £400 million (€464 million).
The UK portfolio totaling 3,028 rooms of midscale- and economy-quality is owned by Landsec and let to AccorInvest. But AccorInvest and Ares have negotiated a surrender of the leases enabling Ares to not only take possession but transfer all operations.
Ares is working with hotel operating partner, EQ Group.
The assets are mainly in Central London by value, with others sprinkled around the UK in cities such as Edinburgh, Manchester, and Birmingham.
Source: propertyeu.info on the 8th of May