PHOTO: Starwood Capital Group (courtesy PRNewsFoto/Key Air)
Starwood Capital Group, the Greenwich, CT-based private investment firm led by Barry Sternlicht, announced today that it has acquired U.K. hotel and conference center operator De Vere Venues from the De Vere Group for approximately $385 million (£232 million).
The transaction includes 23 owned and leased hotels comprising 2,433 guestrooms, 374 meeting rooms and 414,000 square feet of meeting space, predominately located in Greater London. The portfolio also includes nine 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."
Royal Bank of Scotland Plc. and Barclays Bank provided a $232 million (£140 million) 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 $1.16 billion (£700 million) in the U.K. hospitality sector over the past 13 months.
De Vere Venues' portfolio now features a number of high-end properties, including Wokefield Park, Horsley Park, Latimer Place, Theobalds Park, Staverton Park, and Milton Hill.
Wokefield Park includes 376 rooms and a separate facility built by BMW. Horsley Park features a castle from 1820 and a farm converted into a meeting space. Latimer Place is spread out across three buildings including a 15th-century mansion. Theobalds Park boasts 55 acres, including an 18th-century manor house. Staverton Park includes 247 rooms, a leisure center and clubhouse, and an 18-hole golf course. Milton Hill features 22 acres and an 18th-century manor house.
For the latest travel news, updates and deals, subscribe to the daily TravelPulse newsletter.
Topics From This Article to Explore
