The Austria-based Koller family is selling a portfolio of 10 European hotels to a joint venture between Goldman Sachs and Highgate Hotels.
A management platform was also included in the sale.
The deal, for an undisclosed amount, is expected to complete in the coming weeks.
The four and four-star superior hotels, which total 1,200 rooms, operate under the K+K brand.
The hotels – in London, Paris, Barcelona, Munich, Vienna, Prague, Budapest and Bucharest – were owned and operated by the Austria-based Koller family for more than 50 years.
K+K Hotels was founded in 1961 by brothers Josef and Helmut Koller.
Sheima Salloum, senior vice-president at JLL Hotels & Hospitality Group, which advised on the sale, said: “The transaction offered investors the rare opportunity to acquire not only high-end real estate in prime strategic locations but also a well-established and highly profitable management platform, allowing for an instant market penetration and a basis for future growth in Europe’s key cities with highest entry barriers.”
Salloum said the sale was completed after a “highly competitive bidding environment”, with strong interest from cross-border investors from the US and Asia.
“The sale emphasises Europe’s appeal to international and cross-border investors, as well as operators’ increasing willingness to secure top destinations through strategic acquisitions,” Salloum said.