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Starwood Capital buys De Vere(2)

The Greenwich, Connecticut-based firm has bought 23 owned and leased hotels in the UK to add to its burgeoning hospitality portfolio

Starwood Capital Group has acquired the UK hotel and conference group, De Vere Venues, giving it a portfolio of 23 owned and leased hotels.

The Greenwich, Connecticut-based firm already made a large hotel acquisition when it bought the 23-hotel Principal Hayley Group last February, and followed up with the five-property Four Pillars Hotels portfolio in January this year.

Together, the company has invested around $1.16 billion in the UK hospitality sector over the past 13 months. However, the firm did not provide details of the purchase price for De Vere.

As well as 2,433 keys, the acquisition of De Vere also gives it exposure to 374 meeting rooms and 414,000 square feet of meeting space predominantly in London.

De Vere Venues' portfolio includes Wokefield Park, a 376-room freehold property located between London and Reading; Horsley Park, a 180-room freehold property comprising a castle dating back to 1820 and a farm converted into meeting space in the southwest of London; and, Latimer Place, a 97-room freehold property spread across three buildings, including a 15th century mansion, located northwest of London.

Starwood added that Royal Bank of Scotland and Barclays Bank provided a $232 million loan facility to aide it in the acquisition.