Investcorp Acquires Nine-Hotel Portfolio In U.S.

NATIONAL REPORT— Investcorp has acquired a portfolio of U.S.-based hotels that includes nine hotels from the Marriott, IHG, Hilton and Starwood hotel groups through a series of transactions valued at $450 million. Eight of the hotels have been purchased and the purchase of the ninth hotel is scheduled to be completed in July. Combined, these nine hotels supply 2,828 rooms and 252,514 square feet of meeting space. The Procaccianti Group has retained a small equity stake in the portfolio and will act as property manager for Investcorps U.S. hotel portfolio. In addition to the new portfolio, Investcorp has recently created the Investcorp Real Estate Mezzanine Fund, which invests in structured real estate investments such as mezzanine debt, high yielding debt and preferred equity in U.S. residential and commercial real estate. Eight of the hotels have been purchased and the purchase of the ninth hotel is scheduled to be completed in July. Combined, these nine hotels supply 2,828 rooms and 252,514 square feet of meeting space. The Procaccianti Group has retained a small equity stake in the portfolio and will act as property manager for Investcorps U.S. hotel portfolio. In addition to the new portfolio, Investcorp has recently created the Investcorp Real Estate Mezzanine Fund, which invests in structured real estate investments such as mezzanine debt, high yielding debt and preferred equity in U.S. residential and commercial real estate.