Starwood’s Louvre Hotels sells UK estate for £70m

  Starwood Capital’s hotel company, Louvre Hotels, is selling its UK estate for over £70m.   The 18-strong portfolio comprises 17 hotels under Louvre Hotels’ two-star chain Campanile. The hotels are on management contracts. Campanile operates in nine European countries through a network of more than 380 hotels and restaurants.   It also includes one Première Classe-branded property in Coventry, West Midlands.   The hotels, which are a mixture of freehold and long leasehold sites, are in locations such as Cardiff, Glasgow, Birmingham, Liverpool, and Manchester. Together, they total 1,549 bedrooms.   Jeremy Jones, director at Christie + Co, which is advising Starwood Capital, said: “The opportunity to acquire over 1,500 bedrooms in some of the UK’s best trading locations is something of rarity. To secure a leading flag on these assets by means of a management contract with Louvre Hotels makes this deal even more exciting.”   “We anticipate a strong response reflecting the quality of the opportunity and the ability to keep growing one of Europe’s best known hotel brands.”   annabel.dixon@estatesgazette.com   To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.