Hogan Lovells advises Landsec on disposal of hotel portfolio to Ares Management and EQ Group
London, 10 June 2024 – Global law firm Hogan Lovells has advised Landsec on the sale of its hotel portfolio to Ares Management alongside operating partner EQ Group for £400 million.
The portfolio consists of 21 midscale properties with the majority of value in central London and the remaining assets primarily located in major UK city centres, including Edinburgh, Manchester and Birmingham. Prior to the sale, all 21 hotels in the portfolio were fully let via long-term leases to AccorInvest.
The sale of Landsec's hotel portfolio coincides with its strategy to release capital from sectors where there is a limited ability to add further value and to focus its resources on areas where there is a genuine competitive advantage.
The Hogan Lovells team was led by partner Dion Panambalana with support from partners Paul Tonkin (Real Estate) and Sian Owles (Investment Funds); counsels Charles Jemmett (M&A) and Aaron Burchell (Tax) and; senior associate Edward Newport (Real Estate).
Commenting on the deal, partner Dion Panambalana said: “We are delighted for Landsec on this successful exit from its hotel portfolio which now puts Landsec in a stronger position to take advantage of opportunities in the market as they arise.”
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