MCAP Global Finance, a UK affiliate of New York-based investment manager Marathon Asset Management, has bought 17 IHG hotels from Cerberus Capital Management.
The portfolio, which sold for an undisclosed sum, comprises 2,374 bedrooms across 15 Holiday Inns and two Crowne Plazas. These are located in regions including Leeds, Leicester, Reading and Southampton.
The deal comes after Marathon sold 17 IHG and Hilton-branded hotel assets for around £450m to Thailand’s DTGO Corporation at the end of 2019.
Joe Green, senior director at CBRE, which advised the buyer, said: “This transaction reflects investors’ confidence in the recovery of the hospitality market.”
Eastdil Secured advised Cerberus Capital Management.
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