Vector Hospitality has announced it is to launch the first hotel REIT in the UK, with a portfolio valued at £2.6 bn (EUR 3.8 bn). The company, a partnership between the Alternative Hotel Group, Bank of Scotland Corporate and Richard Balfour-Lynn (RBS), is planning to raise about £2 bn through the offer. The company said it will apply for admission to the London stock exchange and subsequently elect to become a real estate investment trust. Admission is expected to take place in May 2007.
Vector Hospitality has announced it is to launch the first hotel REIT in the UK, with a portfolio valued at £2.6 bn (EUR 3.8 bn). The company, a partnership between the Alternative Hotel Group, Bank of Scotland Corporate and Richard Balfour-Lynn (RBS), is planning to raise about £2 bn through the offer. The company said it will apply for admission to the London stock exchange and subsequently elect to become a real estate investment trust. Admission is expected to take place in May 2007.
The company will offer both institutional and retail investors access to a portfolio of income-generating UK hotel assets, operated by Hilton, Marriott, Rezidor, Thistle Guoman, Malmaison, Hotel du Vin, De Vere and Village Hotels and Leisure. Deutsche Bank's London subsidiary is the sponsor and global coordinator of the offer. Deutsche Bank, Goldman Sachs International and UBS are joint bookrunners and Citigroup Global Markets UK Equity and JP Morgan Cazenove are co-lead managers.
British property company Marylebone Warwick Balfour Group said it will sell its Malmaison and Hotel du Vin portfolio to Vector Hospitality for £495 mln, news agency Reuters reported.
