Highgate, a leading real estate investment and hospitality management company, has announced two new additions in the UK market – the acquisition of Dorsett City London Hotel and the management of Grosvenor House Suites in London’s Mayfair District.
The Dorsett Hotel London is located in London’s financial district and it is situated near Shoreditch, the Tower of London, Tate Modern and Tower Bridge. The deal is the latest partnership between Cerberus and Highgate.
The Grosvenor House Suites is a 130-unit, luxury, aparthotel, located in the Mayfair neighborhood on Park Lane. As part of its management services, Highgate is partnering with the property’s ownership to develop the future positioning and renovation to relaunch the property and capitalise on its apartment-style accommodations and location.
Highgate’s portfolio currently includes over 350 owned and/or managed hotels comprising over 65,000 rooms across Europe, the United States, Latin America, and the Caribbean.
Mehdi Khimji, managing principal at Highgate, said: “Highgate’s philosophy over three decades of investing in Europe has been to acquire well-located real estate at discounts to replacement cost, and to pursue opportunities where Highgate has a distinct ability to add value. The Dorsett City London Hotel exemplifies that strategy.
“Highgate plans to continue pursuing single asset, portfolio and platform wide opportunities throughout Europe by adhering to the key principles that have contributed to the company’s historical success – fostering relationships with key industry constituents; innovating around operational, distribution, and hotel positioning capabilities; targeting opportunities where Highgate has a distinct ability to add value; and acting as a highly-reliable and collaborative counterparty on transactions.”
Richard Russo, principal at Highgate, said: “In addition to our acquisition platform, we are focused on growing our UK and European management platform through strategic single asset and portfolio management contracts, operating company M&A and, in certain situations, leases.
“Highgate will have a particular focus on opportunities where the company can see an ability to add value through operational improvements, business plan repositionings, and partnerships with talented management teams.”