Bayside Capital, the subsidiary of Miami-based private firm H.I.G Capital, has agreed to buy the 378-room Hilton Hotel in London’s former docklands area close to the Canary Wharf office district that is home to the likes of HSBC, JPMorgan, Morgan Stanley, Citi, and Morgan Stanley.
The firm did not disclose transaction details though it said the seller was Pandox AB. Pandox is a Stockholm-based hotel group founded during the Swedish property crash of the early 1990s that now has 120 assets across Europe.
Ahmed Hamdani, managing director at Bayside, hinted more hotel deals could follow in Europe as he said: “We are thrilled with this acquisition and see significant potential to improve this asset through additional investment. We are very excited about the opportunities in the European hotel market in general and this transaction demonstrates H.I.G.’s ability to execute on complex operational assets. We are committed to growing our European real estate business further”.
Over the past twelve months, H.I.G. and its Bayside credit subsidiary have acquired a number of property assets. In Spain last year it structured a deal with Sareb, the country’s ‘bad bank’ to own a stake in a portfolio of nearly 1,000 homes in locations such as Valencia, Andalusia, Murcia, the Canary Islands and Madrid. In a statement upon the deal closing, the Miami firm said it had struck “a definitive agreement for the acquisition of the first pool of real estate assets sold by Sareb, known as Project Bull.