Global private investment firm Starwood Capital Group has announced the acquisition, through a controlled affiliate, of UK hotel and conference centre operator De Vere Venues from the De Vere Group for approximately £231m. For several months City analysts had been expecting a sale to go through around the £300m mark.
The transaction includes a collection of 23 owned and leased hotels, comprising 2,433 keys, 374 meeting rooms and 414,000 square feet of meeting space, predominately located in Greater London. The portfolio also includes six management and franchise contracts.
“We are very pleased to add De Vere Venues to our growing portfolio of attractive and well-placed assets in the United Kingdom,” said Kevin Colket, Senior Vice-President at Starwood Capital Group. “The company serves a number of long-term, blue-chip corporate customers, and we look forward to building upon its reputation for operational excellence.”
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 U.K. hospitality sector over the past 13 months.