Private equity investor Marathon Asset Management’s UK arm has sold a portfolio of 17 IHG and Hilton-branded hotels to Thai investor DTGO Corporation, for around £450m.
Marathon had appointed CBRE to market the assets in February for just under £500m, as previously revealed by EG.
The hotels are managed by Valor Hospitality Europe and operated through various franchises. These include IHG’s Crowne Plaza and Hilton’s DoubleTree and Garden Inn brands.
The assets were initially acquired in 2014 and 2015. Eight of the hotels in the group are former Queens Moat Houses properties.
US-based Marathon entered the UK market in 2014 when it bought 11 former QMH properties under the Holiday Inn, Crowne Plaza and Best Western brands for a reported £130m.
During the same year it bought the five former Mint hotels in the group – in Manchester, Leeds, Bristol, Birmingham and Glasgow – for £160m from Blackstone.
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