MCAP Global Finance, an affiliate of New York based investment manager Marathon Asset Management, has bought a large UK hotel portfolio from Cerberus Capital Management for a price said to be around £180 mln (€208 mln).
The portfolio consists of 17 branded, full-service hotels that are located in key regional markets across the UK including Leeds, Leicester, Reading and Southampton. Many of the hotels have been refurbished in recent years and are well positioned for a recovering hospitality industry. There is a total of 2,374 bedrooms across 15 Holiday Inns and two Crowne Plazas.
This acquisition follows Marathon’s sale of a portfolio of 17 IHG and Hilton branded hotel assets at the end of 2019. The portfolio was sold by CBRE to DTGO Corporation, a new market entrant from Thailand.
‘This transaction reflects investors’ confidence in the recovery of the hospitality market,’ said Joe Green, senior director at CBRE which advised the buyer.
Eastdil Secured advised Cerberus Capital Management on the deal.
