FdR has entered into exclusive discussions withย Starwood Capitalย about acquiring 14 properties through its hotel subsidiary Fonciรจre des Murs. The portfolio has a total of 2,626 rooms and includes Blythswood Square and Grand Central Hotel in Glasgow, the St Davidโs Hotel in Cardiff, and The George in Edinburgh. The recently refurbished Hotel Russell on Russell Square, London WC1, which is thought to be worth around ยฃ300 million, is also included. Two hotels from Starwoodโs DeVere hotels business have also been incorporated into the sale.
In a statement the company said: โDepending on the progress of the ongoing discussions, this operation could be finalised by the end of first half of 2018. Fonciรจre des Regions is focusing its hotel investments on Europeโs largest cities with more thanย two million overnight stays per year.โ
The price for the 14 hotels is reported to be around ยฃ750 million, and is part of a broader ยฃ1.2 billion hotel sale currently being undertaken by Starwood Capital.
Starwood Capital is considering its options on the remaining 13 DeVere country hotels and conference venues assets, which are valued at around ยฃ425 million. It continues to be active in the UK hotel sector, having raised $7.6 billion for its latest opportunity fund.
FdR is also a strategic investment partner of hybrid hotel brandย Meininger Hotels.