MCAP Global Finance (UK) LLP, an affiliate of New York-based investment manager Marathon Asset Management has acquired a large UK hotel portfolio from Cerberus Capital Management for an undisclosed sum.
The portfolio consists of 17 branded, full-service hotels that are strategically located in key regional markets across the UK including Leeds, Leicester, Reading and Southampton.
The portfolio consists of a total of 2,374 bedrooms across 15 Holiday Inns and two Crowne Plazas.
MCAP Global finance was advised on the deal by CBRE.
The acquisition follows Marathon’s sale of a portfolio of 17 IHG and Hilton branded hotel assets at the end of 2019. The portfolio was also 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.