Aprirose has completed the £525m acquisition of the QHotels business from Bain Capital Credit and Canyon Partners.
The portfolio includes 26 five- and four-star regional hotels.
The portfolio’s assets, which comprise 3,680 beds, are located throughout the UK.
The QHotels portfolio is made up of a variety of spa hotels, golf resorts and luxury hotels.
The acquisition marks the largest hotel transaction this year.
The deal was funded by Aprirose and its roster of international investors, including Chinese investor Cindat Capital Management, which jointly owns a 70% stake in Brockton Capital’s 60 Curzon Street, W1, once home to Marco Pierre White’s Mirabelle restaurant.
Manish Gudka, chief executive officer at Aprirose, said: “This was a complicated deal which had a lot of interest shown in it from the market, but owing to our investors, contacts and transactional experience we were able to get it done in quick time.
“The 26 hotels, spread throughout the UK, will add a new dimension to our asset-diverse real estate portfolio and also offer us opportunities to further develop the portfolio to increase the number of beds available.”
Gary Jones, chief operating officer at Aprirose, said: “Our strategy is to double the value of assets under management, while at the same time exiting from maturing transactions.
“This acquisition is part of a wider strategy and takes our portfolio to circa £1.7bn of assets under management.
“We have the resources to continue to grow our balance sheet and we remain very keen to purchase further UK real estate over a variety of asset classes that will show good returns to Aprirose and our investors.”
Aprirose has appointed Redefine BDL Hotels to manage the 26 hotels.
The acquisition of the QHotels portfolio follows Aprirose’s purchase of the 73-asset M&B pub portfolio, which has been named Milton Pubs & Taverns.
Aprirose was advised by Colliers, West Ridge, KPMG and Dentons. Bain Capital Credit and Canyon Partners were advised by Eastdil Secured, Deloitte, DLA and Jones Day.
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