Starwood Capital Group, a global private investment firm, has announced that a controlled affiliate has acquired a portfolio of 10 hotels from Edwardian Group in an off-market transaction.
The financial details remain undisclosed. The portfolio comprises 10 hotels with 2,053 rooms but Edwardian Group will continue to own and operate The Londoner and its two Radisson Collection hotels, The May Fair and The Edwardian Manchester, following closing of the transaction.
The acquisition adds to Starwood Capital’s existing portfolio of European hotel investments, which following the transaction will comprise 47 hotels and 10,000 rooms across Europe.
Tim Abram, Managing Director at Starwood Capital, said: “We are delighted to have had the opportunity to acquire this one-of-a-kind portfolio of Central London freehold hotels. London is one of the world’s most sought-after hotel markets, and this portfolio enables to us gain exposure on a unique scale to London. We plan to invest significant capex during our ownership into further enhancing the hotels.”
Inderneel Singh, CEO of Edwardian Group, said: “Following the successful development of The Londoner and a period of strong trading across the portfolio, the sale represents an opportunity to refocus the group and position it for the next chapter of growth.
“Our three landmark properties – The Londoner, The May Fair Hotel, and The Edwardian Manchester – each mark our continued commitment to invest in and deliver distinctive experiences for guests in high-end, purpose-built, city-centre hotels.”
JLL provided real estate advisory services and Baker McKenzie served as legal counsel for Edwardian Group during the sale. Paul Hastings (Europe) LLP acted for Starwood Capital.
