New York based investment manager Marathon Asset Management has acquired 17 branded UK hotels in a deal advised by CBRE.
The portfolio, sold by Cerberus Capital Management to MCAP Global Finance, an affiliate of Marathon, comprises 17 full-service hotels in key regional markets across the UK including Leeds, Leicester, Reading and Southampton.
There is a total of 2,374 bedrooms across 15 Holiday Inns and two Crowne Plazas, with many of the hotels recently refurbished.
This acquisition follows Marathon’s sale of a portfolio of 17 IHG and Hilton branded hotel assets at the end of 2019.
The portfolio was sold by CBRE to DTGO Corporation, a new market entrant from Thailand.
Joe Green, Senior Director at CBRE commented: “We are very pleased to have advised Marathon on their purchase of this high quality and well-positioned portfolio. This transaction reflects investors’ confidence in the recovery of the hospitality market.”
Eastdil Secured advised Cerberus Capital Management on the deal.