Ares Management Real Estate Secondaries funds have recapitalised a five-hotel European portfolio owned by Cedar Capital Partners-managed funds.
IPE Real Assets understands that the portfolio, valued at €400m and held by the Cedar Investment Partners III SCSp fund, includes the recently renovated Hoxton Rome, Hoxton Lloyd Amsterdam and Mama Shelter Prague, as well as two hotels scheduled to open in 2025.
Ramsey Mankarious, CEO and founder at Cedar Capital Partners, said: “We are excited to partner with Ares, and we very much look forward to advancing this portfolio of unique assets through its next growth stage.”
Michelle Creed, partner and co-head of real estate secondaries at Ares Management, said: “This acquisition represents a rare lifestyle hotel opportunity that aligns with the growing trend of experiential travel across Europe.
“We look forward to working with the talented Cedar team, and this transaction reaffirms our team’s conviction in European real estate.”
CBRE’s investment banking team, alongside joint adviser Deutsche Bank, advised Cedar Capital Partners on the recapitalisation.
Eoin Bastible, managing director at CBRE’s investment banking arm, said: “We’re pleased to have advised Cedar Capital Partners on this significant recapitalisation, part of a growing trend that we believe will continue through 2025.
“From our standpoint as leading advisers in this space, we expect investment managers and asset owners to seek innovative continuation vehicle solutions to recapitalise their portfolios.”
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