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Morrison Hotel
Zetland Capital acquired the Morrison Hotel in Dublin's Temple Bar for a rumored €65 million from Russian businesswoman Elena Baturina.
Extended Stay
Extended Stay America’s privatization was the sector’s biggest M&A event but rising valuations and market recovery could limit further opportunistic buying.
Extended Stay
Blackstone and Starwood’s sweetening of an already sweetened offer shows a strong conviction in the sector.
The oversubscribed vehicle attracted commitments from institutional investors and high-net-worth individuals alike betting on a hospitality comeback.
Established last month, the regional investment business will be led by former executives from ADIA and global hospitality group IHG.
Most of the vehicles will be focused on non-core strategies in the sector and the North America region, according to PERE data.
hotel distress
Funds targeting the sector are seeking nearly 50% more capital than they did a year ago, even though sales fell in 2020 from the previous year.
The firm acquired a five-star hotel in Sydney from Chinese developer Greenland last month for around 30% below replacement value.
The $2.8bn sale to Highgate is potentially the first many large hospitality portfolio sales, but a debt transfer of its size is unlikely to be repeated
As covid-19 amplifies the exodus from big, expensive cities, institutional capital must decide if it wants to join the retreat or bet on a return.
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