MCAP Global Finance, a UK affiliate of New York-based investment manager Marathon Asset Management, has bought 17 IHG Hotels & Resorts-branded hotels from Cerberus Capital Management for an undisclosed sum.
The portfolio consists of 17 branded, full-service hotels that are in regional markets across the UK including Leeds, Leicester, Reading and Southampton. Many of the hotels have been refurbished in recent years with a total of 2,374 bedrooms across 15 Holiday Inns and two Crowne Plazas.
The acquisition follows Marathon's sale of a portfolio of 17 IHG Hotels & Resorts and Hilton-branded hotel assets at the end of 2019. The portfolio was 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.