Real estate investment company Aprirose said it completed the acquisition of Leeds-based QHotels from Bain Capital Credit and Canyon Partners for £525 million — the UK’s largest hotel transaction this year.
The portfolio includes 26 five and four star regional hotels and includes The Queens Hotel in Leeds, Slaley Hall in Northumberland and The Midland in Manchester.
The portfolio’s assets, which comprise 3,680 beds, are located throughout the UK and in major cities including Leeds, Manchester and Glasgow.
The QHotel portfolio is made up of a variety of hotels including spa hotels, golf resorts and luxury hotels.
The deal was funded by Aprirose and its roster of international investors.
Aprirose CEO Manish Gudka said: “We are pleased to have completed on this exciting and unique portfolio.
“This was a complicated deal, which had a lot of interest shown in it from the market, but owing to our investors, contacts and transactional experience we were able to get it done in quick time.
“The 26 hotels, spread throughout the UK, will add a new dimension to our asset diverse real estate portfolio and also offer us opportunities to further develop the portfolio to increase the number of beds available.”
Aprirose COO Gary Jones said: “Our strategy is to double the value of assets under management, while at the same time exiting from maturing transactions.
“This acquisition is part of a wider strategy and takes our portfolio to circa £1.7 billion of assets under management.
“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 has appointed Redefine|BDL Hotels to manage the 26 hotels.
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.