Starwood Capital Group announced today that a controlled affiliate of Starwood Global Opportunity Fund XI acquired a portfolio of seven Hilton hotels throughout the United Kingdom, totaling over 1,300 rooms from Park Hotels & Resorts for £135 million (US$188 million).
The portfolio is located in several of the UK’s top hotel markets, including London, Edinburgh, Bath and Belfast, which benefit from high occupancies, high barriers to entry and solid investment fundamentals, according to PR Newswire.
Starwood Capital plans to refurbish a number of the assets in an attempt to boost operating performance and asset values. London-based Kew Green will manage under franchise agreements with Hilton Worldwide. This marks the second acquisition in 12 months where Starwood and Kew Green have partnered, following the successful acquisition of the 298-key Holiday Inn Manchester in April 2017.