September 25, 2020
Manhattan-based Highgate has agreed to acquire six of Colony Capital’s hospitality portfolios in a transaction valued at $2.8 billion, including assumption of $2.7 billion in debt. The six portfolios consist of 22,676 rooms across 197 hotel properties.
“Despite the unprecedented disruption in hospitality over the past six months, we remain bullish on the long-term secular trends in our industry, and look forward to partnering with the many employees, franchisors, lenders, and other important stakeholders across these portfolios as we work towards a successful recovery,” said Highgate managing principal Mahmood Khimji.
Colony Capital CEO Marc Ganzi said the sale was a milestone in his company’s pivot to focusing on its digital real estate businesses. “With its strong track record, unique insights into the hospitality market and creative approach to hotel management, we are confident that Highgate is ideally suited to own and operate these properties,” he said.
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