MCAP Global Finance (UK) LLP, an affiliate of New York-based investment manager Marathon Asset Management has acquired a large UK hotel portfolio from Cerberus Capital Management for an undisclosed sum.
The portfolio consists of 17 branded, full-service hotels that are strategically located in key regional markets across the UK including Leeds, Leicester, Reading and Southampton.
The firm said many of the hotels have been refurbished in recent years and are “well positioned” for a recovering hospitality industry.
The portfolio consists of a total of 2,374 bedrooms across 15 Holiday Inns and two Crowne Plazas.
MCAP Global finance was advised on the deal by CBRE.
The acquisition follows Marathon’s sale of a portfolio of 17 IHG and Hilton branded hotel assets at the end of 2019. The portfolio was also sold by CBRE to DTGO Corporation, a new market entrant from Thailand.
Joe Green, Senior Director at CBRE, said: “We are very pleased to have advised Marathon on their purchase of this high quality and well-positioned portfolio. This transaction reflects investors’ confidence in the recovery of the hospitality market.”
Eastdil Secured advised Cerberus Capital Management on the deal.