Three U.K. hotel portfolios sell for more than $1b
In three separate deals, a total of 168 U.K. hotels were sold for more than £600 million ($1 billion).
The largest portfolio comprised 144 Travelodge hotels that were acquired in an all-cash deal for £508 million ($857.2 million). The hotels are located in London and southeast England. The seller was a joint venture between Prestbury Holdings, West Coast Capital, Aldersgate Investments and Lloyds. The new owners are Goldman Sachs, Avenue Capital Group and GTIS Partners.
The second portfolio contained 13 hotel properties, totaling 1,194 rooms, in key U.K. regional locations — Coventry, Coventry South, Birmingham Holloway Circus, Birmingham Bordesley, Leicester City, Plymo