Barings Completes $650M Sale of Seven U.S. Hotels To Hong Kong Investment Management Company
- Barings will continue to manage the hotel assets for new owner
- Portfolio consists of seven upper-upscale business class hotels in five major U.S. markets
CHARLOTTE, N.C., Feb. 05, 2018 (GLOBE NEWSWIRE) -- Barings, one of the world's leading asset management firms, announced on behalf of its client, a major international financial services company, the $650 million sale of seven U.S. hotels to a Hong Kong-based investment management company. Barings is being retained by the new owner as asset manager for the hotel portfolio on a long-term basis, and all hotel operation will continue as usual with no change in current hotel management companies or personnel.
Barings' expertise as a global leader in real estate investment management enabled it to conduct the search for new investors, directly arrange the sale between its client and the new buyer without a broker, and play a significant role in securing private financing for the portfolio with three separate lenders.
"This transaction reflects the value Barings is able to provide to clients through our depth, global reach and our ability to source and manage real estate investment opportunities and serve clients' capital needs worldwide," said Scott Brown, Global Head of Real Estate at Barings. "We are delighted to welcome a significant, sophisticated and experienced client to the Barings Real Estate platform and will utilize our deep knowledge in managing hospitality investments to maximize the potential of this group of quality assets for our new partner."
The portfolio comprises seven upper-upscale business class hotels in the Chicago, Boston, Washington, Seattle and Phoenix metropolitan areas.
"As an asset class, commercial real estate equity continues to attract investors seeking risk-adjusted returns, and assuming an adequate hold period, well-located quality hotel properties also represent a good portfolio diversifier," said Michael Zammitti, Head of U.S. Real Estate Equity at Barings. Jim O'Shaughnessy, a managing director at Barings Real Estate shared, "We are grateful for the opportunity to apply the deep expertise of our hotel investment and asset management team, our research-focused investment process and rigorous financial reporting to leverage the significant value of this portfolio on behalf of our new client."
Barings is a $304+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. Part of MassMutual, Barings maintains a strong global presence with over 1,800 professionals and offices in 16 countries. Learn more at www.barings.com .
*As of December 31, 2017
Contact: Brian Whelan, Barings, 704.805.7244, email@example.com
Information om Nasdaq OMX
Følg pressemeddelelser fra Nasdaq OMX
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Nasdaq OMX
Abeona Therapeutics Inc20.4.2018 14:16 | pressemeddelelse
Abeona Therapeutics Receives Orphan Drug Designation in the European Union for ABO-202 Gene Therapy Program in Batten Disease
Taconic Biosciences20.4.2018 14:02 | pressemeddelelse
Taconic Biosciences Licenses Easi-CRISPR Technology from the University of Nebraska
Diesel Technology Forum20.4.2018 00:10 | pressemeddelelse
Progress and Potential for Achieving Cleaner Air on a Global Basis
Aryaka19.4.2018 18:56 | pressemeddelelse
SD-WAN for Office 365: Aryaka Helps eLearning company, City & Guilds Group, Improve Office 365 Application Response Time
Taconic Biosciences19.4.2018 14:02 | pressemeddelelse
Taconic Biosciences Launches New Inflammatory Bowel Disease Models
Cisco19.4.2018 14:01 | pressemeddelelse
Cisco ACI Is Data Center Solution of Choice for Service Providers Worldwide
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum