A portfolio of seven Hilton hotels around the UK, including sites in Bath and Belfast and incorporating more than 1,300 rooms, has been acquired for £135m. A Starwood Capital Group fund has bought the hotels from Park Hotels & Resorts.
Starwood Capital Group plans to refurbish a number of the hotels in order to transform operating performance and enhance asset values, with the portfolio being managed by Kew Green under franchise agreements with Hilton Worldwide. This marks the second acquisition in 12 months where Starwood and Kew Green have partnered, following the acquisition of the 298-key Holiday Inn Manchester in April 2017
Jon Asumendi, vice president at Starwood Capital Group, said: “We are acquiring this well-located portfolio at a substantial discount to replacement cost and with significant upside potential still to be realised. We look forward to investing in these properties alongside Kew Green and leveraging Starwood Capital Group’s hospitality expertise to maximize portfolio performance and investment returns.”
