Kennedy Wilson Europe Real Estate has purchased loans secured against eight Park Inn hotels in the UK for £61.5 million (US$94.5 million). All of the hotels are leased to Rezidor Hotel Group until 2030.
The portfolio includes seven Park Inn hotels in England and one in Wales, totaling 1,107 rooms.
“This transaction gives us further exposure to the fast improving UK hospitality sector and a high quality covenant that we look forward to actively engaging with to identify various resolution strategies and asset management opportunities to enhance the value of our investment,” said Mary Ricks, president and CEO of Kennedy Wilson Europe.