Ares Real Estate and EQ Group, have acquired a portfolio of UK hotels from Land Securities for c. €468m. The portfolio consists of mid-scale and economy properties located in central London and major UK city centres.
Under the terms of the deal, Ares secured a lease surrender from current hotel operator Accorinvest, who will transfer operations of the hotels to Ares.
"The hotels are well located with an attractive weighting to the London market and have seen performance recover strongly since Covid," said John Ruane, Partner and Co-Headof Ares European Real Estate. “The rationalisation of the ownership and lease structure offers us exciting opportunities to add value over time."
Image source - Pexels.
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