Barings has sold seven US hotels to a Hong Kong-based investment management company for $650m (€733.6m).

Barings, which sold the asset on behalf of an international financial services company, said it is being retained by the new owner as asset manager for the hotel portfolio on a long-term basis.

All hotel operation will continue as usual with no change in current hotel management companies or personnel, Barings added.

The portfolio comprises seven upper-upscale business class hotels in the Chicago, Boston, Washington, Seattle and Phoenix metropolitan areas.

Scott Brown, the global head of real estate at Barings, said: “This transaction reflects the value Barings is able to provide to clients through our depth, global reach and our ability to source and manage real estate investment opportunities and serve clients’ capital needs worldwide.

“We are delighted to welcome a significant, sophisticated and experienced client to the Barings Real Estate platform and will utilize our deep knowledge in managing hospitality investments to maximize the potential of this group of quality assets for our new partner.”