Starwood Capital Group announced 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).
Starwood Capital Group has acquired U.K. hotel and conference center operator De Vere Venues from the De Vere Group, which is slowly emerging from financial difficulties accumulated after the 2009 crisis.
The transaction was made for approximately $385 million (£232 million). It includes 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 nine management and franchise contracts.
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.
The transaction was made for approximately $385 million (£232 million). It includes 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 nine management and franchise contracts.
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.
