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, firstname.lastname@example.org
Information om Globenewswire
Følg pressemeddelelser fra Globenewswire
Skriv dig op her, og modtag pressemeddelelser på e-mail. Indtast din e-mail, klik på abonner, og følg instruktionerne i den udsendte e-mail.
Flere pressemeddelelser fra Globenewswire
Synthesio Inc.13.12.2018 17:04 | Pressemeddelelse
Synthesio to Bring Proven Ipsos Data Science to Artificial Intelligence
DoubleVerify13.12.2018 14:23 | Pressemeddelelse
DoubleVerify Launches Brand Safety and Suitability Verification Across YouTube, Extending Quality Coverage for Global Brands
Mary Kay Inc.13.12.2018 14:23 | Pressemeddelelse
FROM CUTE TO CONFIDENT: MARY KAY INC. TALKS PINK AT THE MUSEUM AT FIT
XBiotech Inc.13.12.2018 14:23 | Pressemeddelelse
XBiotech Announces Publication of Post-Hoc Analysis for Phase III Colorectal Cancer Study
Bombardier Transportation13.12.2018 12:31 | Pressemeddelelse
BST wins second contract to build cars for the growing high-speed rail network
Euro Manganese Inc.13.12.2018 03:05 | Pressemeddelelse
Chvaletice Manganese Project Mineral Resource Update, 2018 Metallurgical Testwork Program Update and Preliminary 2019 Plans
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter samt finde vores kontaktoplysninger.Besøg vores nyhedsrum