Starwood Buys Seven U.K. Hotels
Sternlicht’s firm acquires Hilton properties from Park Hotels for $188M
An affiliate of Barry Sternlicht’s Starwood Capital Group has acquired seven Hilton hotels in the U.K. from Park Hotels & Resorts. The $188 million deal includes properties in such cities as London, Edinburgh, Bath and Belfast, and represents a total of 1,300-plus keys.
Starwood plans to renovate several of the hotels to improve their operating performance and enhance their value, according to the Miami-based private investment firm. The portfolio will be managed by U.K.-based operator Kew Green Group Ltd. under franchise agreements with Hilton Worldwide.
“We’re acquiring this well-located portfolio at a substantial discount to replacement cost and with significant upside potential still to be realized,” says Jon Asumendi, vice president at Starwood Capital Group. “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.”