KSL Capital Partners officially purchased De Vere Group’s Village Urban Resorts chain for £485 million (US$607 million). Villiage was the final chunk up for grabs from De Vere.
The Village portfolio consists of 25 properties plus three more under construction in Aberdeen, Edinburgh and Glasgow. KSL won the Villiage hotels chain after a contested bidding race that attracted 18 offers. The initial bid was £450 million (US$563 million), the final sale being a 6.7% improvement.
KSL is also considering selling its Malmaison Group, which consists of 29 Malmaison and Hotel du Vin properties just 18 months after buying it for £200 million (US$250 million).