Actual property funding and hospitality administration agency Highgate has agreed to accumulate luxurious lodge group Viceroy Inns & Resorts for an undisclosed sum.
In line with a Highgate spokesperson, the deal is inclusive of the Viceroy model and its administration arm.
The transaction is anticipated to shut in early 2023.
A guestroom on the Viceroy Chicago. Photograph Credit score: Viceroy Inns & Resorts
Los Angeles-based Viceroy Inns & Resorts made its debut in 2000, with the opening of the Viceroy Santa Monica in California.
Since then, the corporate has expanded to a complete of 11 properties unfold throughout the U.S., Mexico, St. Lucia and Serbia. Two further Viceroy lodges are on monitor to debut in Portugal and Panama.
In a press release, Highgate principal Richard Russo stated the agency plans to leverage its actual property and growth prowess, in addition to different “advantages of Highgate’s scale,” to “cement Viceroy as probably the most noteworthy luxurious life-style lodge manufacturers within the business.”
Russo added that Highgate plans to make a number of expansion-related bulletins within the coming months, with new Viceroy tasks in each city and resort locations set to affix the model’s pipeline.
Highgate’s portfolio at the moment contains greater than 500 owned and/or managed lodges all through the U.S., Europe, Latin America and the Caribbean.