After plenty of rumors, London-based real estate investment company Aprirose acquired Morley-based QHotel Group from Bain Capital Credit and Canyon Partners for £525 million. The deal was funded by Aprirose and international investors including Chinese investor Cindat Capital Management.
HOTEL MANAGEMENT reported earlier this month that Aprirose planned to claim a 50-percent stake in QHotels while Cindat Capital Management planned to own the remainder.
The portfolio’s assets—26 hotels with 3,680 guestrooms—are located throughout the UK and in major cities including Leeds, Manchester and Glasgow. Properties include the Aldwark Manor Golf & Spa Hotel in York, The Queens Hotel in Leeds city centre and Oulton Hall, near Leeds. The acquisition of the QHotel portfolio marks the largest hotel transaction this year.
The acquisition of the QHotel portfolio follows Aprirose’s purchase of the 73 asset M&B pub portfolio, which has been named Milton Pubs & Taverns. “This acquisition is part of a wider strategy and takes our portfolio to circa £1.7 billion of assets under management,” Gary Jones, COO at Aprirose, said. “We have the resources to continue to grow our balance sheet and we remain very keen to purchase further UK real estate over a variety of asset classes that will show good returns to Aprirose and our investors.”
Aprirose was advised by Colliers, West Ridge, KPMG and Dentons and Bain Capital Credit and Canyon Partners were advised by Eastdil Secured, Deloitte, DLA and Jones Day.