Goldman Sachs Asset Management and Cedar Capital Partners have acquired a UK hotel and golf resort in the UK from an affiliate of KSL Capital Partners.
The pair bought the asset - Belfry Hotel & Resort - for an undisclosed sum with plans to renovate and extend it over the coming years. Wells Fargo and KSL Capital’s separate European Capital Solutions platform financed the deal which was said to be worth some £140 mln (€163 mln).
Located close to Birmingham within a 550-acre estate, the Belfry is a full-service resort with 320 guest rooms, five restaurants, a spa and multiple leisure amenities.
Nabil Aquedim, executive director in the real estate team at Goldman Sachs Asset Management, said: 'We are delighted to be partnering with Cedar for this acquisition of a renowned hotel and golf resort, which we plan to renovate and extend over the coming years.This investment aligns with our strategy of purchasing high-quality assets that are well-positioned to benefit from post-Covid hospitality and leisure trends. We look forward to working with Cedar and the hotel’s management team to build on the Belfry’s strong reputation as a golf resort and enhance the leisure offering.'
Phil Golding, partner at Cedar Capital Partners, said: 'We look forward to working with the hotel’s management team to build on the Belfry’s storied history, and alongside our partners at Goldman Sachs, we are proud to be the next custodians of this iconic resort.'
Raphael Bihler, VP at KSL Capital Partners, said: 'We are very proud to have owned the resort for almost ten years, during which time we completed a substantial renovation and repositioning, and developed an outstanding operating team.'
Goldman Sachs Asset Management and Cedar Capital Partners were advised by Jones Day (Legal and Financing), Alvarez & Marsal and Deloitte (Tax and Structuring) and CBRE (Commercial).
KSL Capital Partners were advised by Dentons (Legal), Deloitte (Tax and Structuring) and Savills (Broker).
