London's Aprirose, China's Cindat Capital partner to acquire QHotel Group

Cindat and Aprirose are in talks to acquire 50-percent stakes in the hotel portfolio worth over $660 million.
The Midland, Manchester, UK

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.

Virtual Event

Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.

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.