Briefs: Colony checks out | Sailing lifts Auckland

Colony officially out of hospitality: Colony Capital has completed the final sale and assignment, as applicable, of six hospitality portfolios to Highgate and an affiliate of Cerberus Capital Management. The transaction concludes Colony Capital’s previously announced exit from the hospitality business. Consistent with the original agreement, the transaction resulted in aggregate gross proceeds to the Colony of US$67.5 million and a reduction of consolidated investment-level debt of US$2.7 billion, reflecting the assumption of underlying mortgage debt and other liabilities by Highgate and its affiliates and Cerberus. This investment by Highgate and Cerberus marks an ongoing strategic commitment to the select…
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