Landsec sells hotel portfolio to Ares Management

John Ruane, partner and co-head of Ares European Real Estate, said: "The hotels are well located with an attractive weighting to the London market and have seen performance recover strongly since Covid. The rationalisation of the ownership and lease structure offer us exciting opportunities to add value over time."

Namid Mangalji, senior managing director and co-founder at EQ, added: "We are delighted to partner with Ares to acquire this unique portfolio of hotels through a complex series of transactions.

"Together we can leverage our combined deep track record in deploying capex, operational turnaround, rebranding and repositioning."

Mark Allan, chief executive of Landsec, said: "We said in late 2020 that our focus would be on areas where we have a genuine competitive advantage.

"In line with that strategy, we have continued to recycle capital out of assets where our ability to add further value is limited. The sale of our hotel portfolio and other non-core assets will further strengthen our balance sheet and leave us well placed to take advantage of opportunities in the market as they arise."

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