Aprirose purchases QHotels for £525 million
UK-based real estate investment company Aprirose has completed the acquisition of the QHotel business from Bain Capital Credit and Canyon Partners for £525 million. The portfolio includes 26 four- and five-star regional hotels.
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 acquisition of the QHotel portfolio marks the largest hotel transaction this year. The deal was funded by Aprirose and their roster of international investors.
Manish Gudka, CEO at Aprirose, 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.”
Gary Jones, COO at Aprirose, 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 £1.7bn 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 hotel management company Redefine|BDL Hotels to manage the 26 hotels, continuing an already successful partnership.
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.