UK-based real estate investment company Aprirose has completed the acquisition of the QHotel business from Bain Capital Credit and Canyon Partners for £525 mln (€598 mln), marking the UK's largest hotels deal this year.
The 3,680 bed-portfolio includes 26 five and four star regional hotels located throughout the UK in major cities including Leeds, Manchester and Glasgow. The properties include spa hotels, golf resorts and luxury hotels.
'We are pleased to have completed on this exciting and unique portfolio. This was a complicated deal, which had a lot of interest shown in it from the market, but owing to our investors, contacts and transactional experience we were able to get it done in quick time,' commented Manish Gudka, Aprirose CEO. 'The 26 hotels, spread throughout the UK, will add a new dimension to our asset diverse real estate portfolio and also offer us opportunities to further develop the portfolio to increase the number of beds available.'
The deal was funded by Aprirose and its roster of international investors, including Chinese investor Cindat Capital Management.
'Our strategy is to double the value of assets under management, while at the same time exiting from maturing transactions,' said Gary Jones, COO at Aprirose. 'This acquisition is part of a wider strategy and takes our portfolio to circa £1.7 bn of assets under management. We have the resources to continue to grow our balance sheet and we remain very keen to purchase further UK real estate over a variety of asset classes that will show good returns to Aprirose and our investors.'
Aprirose have appointed Redefine|BDL Hotels to manage the 26 hotels continuing an already successful partnership.
The acquisition of the QHotel portfolio follows Aprirose’s purchase of the 73 asset M&B pub portfolio, which has been named Milton Pubs & Taverns.
Aprirose was advised by Colliers, West Ridge, KPMG and Dentons and Bain Capital Credit and Canyon Partners were advised by Eastdil Secured, Deloitte, DLA and Jones Day.
