Starwood Capital Group has completed its second major UK hotel deal of the year, after acquiring De Vere Venues from De Vere Group for £231 million.
The deal, which was completed on Monday, means Starwood Capital takes on a portfolio of 23 owned and leased hotels with 2,433 rooms, 374 meeting rooms and 414,000 sq ft of meeting space, most of which is in central London.
It follows Starwood Capital's £90m purchase of Oxordshire-based Four Pillars Hotels in January - a deal that involved hotels in Oxford, Abingdon and Witney.
In a statement, Kevin Colket, senior vice president at Starwood Capital Group, said: “We are very pleased to add De Vere Venues to our growing portfolio of attractive and well-placed assets in the United Kingdom. The company serves a number of long-term, blue-chip corporate customers, and we look forward to building upon its reputation for operational excellence.”
The De Vere Venues portfolio includes:
Royal Bank of Scotland and Barclays Bank provided a £140m facility to assist Starwood Capital Group in the acquisition.
With the acquisition of the 23-hotel Principal Hayley Group in February 2013, the five-property Four Pillars Hotels portfolio in January 2014 and this purchase of De Vere Venues, Starwood Capital Group has invested approximately £700m in the UK hospitality sector over the past 13 months.
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