LONDON—Starwood Capital Group introduced {that a} managed affiliate acquired a portfolio of 10 lodges from Edwardian Group for an undisclosed sum through an off-market transaction.
The portfolio contains 10 lodges with 2,053 rooms. Edwardian Group will proceed to personal and function The Londoner and its two Radisson Assortment lodges—The Could Honest and The Edwardian Manchester—following the closing of the transaction.
Alongside the acquisition, Starwood Capital and Edwardian Group intend to collaborate on future alternatives. As a part of this relationship, Edwardian Group will proceed to function the portfolio on a transitional foundation whereas Starwood Capital plans its future funding into the lodges.
The acquisition provides to Starwood Capital’s present portfolio of European resort investments, which is able to comprise 47 lodges/10,000 rooms throughout Europe following the transaction.
Tim Abram, managing director at Starwood Capital, stated, “We’re delighted to have had the chance to amass this one-of-a-kind portfolio of Central London freehold lodges. London is among the world’s most sought-after resort markets, and this portfolio allows to us achieve publicity on a novel scale to London. We plan to speculate vital capex throughout our possession into additional enhancing the lodges.”
Inderneel Singh, CEO of Edwardian Group, stated, “Following the profitable growth of The Londoner and a interval of robust buying and selling throughout the portfolio, the sale represents a chance to refocus the group and place it for the subsequent chapter of development.”
“Our three landmark properties—The Londoner, The Could Honest Lodge, and The Edwardian Manchester—every mark our continued dedication to put money into and ship distinctive experiences for friends in high-end, purpose-built, city-centre lodges.”
JLL offered actual property advisory companies and Baker McKenzie offered authorized companies to Edwardian Group for the sale. Paul Hastings (Europe) LLP acted for Starwood Capital on the acquisition.
