HIGHGATE ANNOUNCES AGREEMENT TO ACQUIRE VICEROY HOTELS & RESORTS
An affiliate of the Principals of Highgate announced today that it has entered into a definitive agreement to purchase Viceroy Hotels & Resorts (Viceroy). |
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HIGHGATE ANNOUNCES AGREEMENT TO ACQUIRE VICEROY HOTELS & RESORTS
An affiliate of the Principals of Highgate announced today that it has entered into a definitive agreement to purchase Viceroy Hotels & Resorts (Viceroy). |
Category: Worldwide - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2022-12-20
The LA-based, award-winning hospitality group is known for its highly individual modern luxury hotels and resorts throughout the world, and was voted one of the top 10 hotel brands globally in the 2022 Travel + Leisure World's Best Awards.
The Viceroy brand debuted in 2000 with the launch of Viceroy Santa Monica and has evolved into a portfolio of hotels and resorts in iconic destinations such as St Lucia, Chicago, Los Cabos and Snowmass.
"We are excited for Viceroy's future and we believe that this acquisition will not only fuel the future expansion of our brand, but also give us a true partner, one who will offer incredible support, opportunity and collaboration. This deal will accelerate our momentum, and solidify our position as the leading modern luxury lifestyle brand in our space," stated Bill Walshe, CEO of Viceroy.
"We are thrilled to execute this transaction with Viceroy. Viceroy has built an outstanding customer reputation due in part to its strong service culture and incredible team," said Richard Russo, Principal at Highgate.
"Through complementing Viceroy's platform and DNA with Highgate's diversified ability to grow through real estate acquisitions, development, and third-party growth channels, Highgate intends to add brand-accretive hotels to the Viceroy portfolio that will further enhance customer perception and brand awareness. Further, through powering Viceroy with a proprietary relationship with Highgate's operating company, and imparting the benefits of Highgate's scale, we will be able to provide significant incremental value to associates, guests, owners and partners."
"We look forward to working with the Viceroy team to add visible and impactful hotels to the platform, and cement Viceroy as one of the most noteworthy luxury lifestyle hotel brands in the industry," continued Russo. "In the coming months, we will be announcing exciting additions to the portfolio in major urban gateway markets and select resort destinations that will invoke the distinct quality and luxury service that Viceroy has long been known for."
The transaction is expected to close in early 2023.
About Highgate
Highgate is a leading real estate investment and hospitality management company with over $20 billion of assets under management. Highgate has a 30-year track record as an investment manager, operating partner, and developer for REITs, private equity firms, sovereign wealth funds, high net worth individuals, and other institutional investors. With a particular focus in hospitality real estate, Highgate's portfolio includes over 500 owned and/or managed hotels comprising over 84,000 rooms across the United States, Europe, Latin America, and the Caribbean. Highgate's capabilities extend to adjacent real estate verticals including multifamily, short-term rentals, and diversified healthcare real estate, as well as investments in real estate-linked securities, technology platforms, and hospitality-related operating businesses. Highgate maintains corporate offices in New York, Dallas, Los Angeles, London, Miami, Seattle, and Waikiki.
About Viceroy Hotels & Resorts
Viceroy Hotels & Resorts is a global modern luxury brand, inspiring travelers with one-of-a-kind, authentic experiences that bring together provocative design and intuitive service. Dynamic destinations immersed in the local community and culture are at the core of the Viceroy guest experience, and to better serve travelers the brand has established three unique hotel categories consisting of the Icon Collection composed of unparalleled properties furnishing lavish experiences, the Lifestyle Series offering energizing stays in vibrant locales, and Urban Retreats based in bold, eccentric cities. Viceroy's portfolio of hotels and resorts can be found in a diverse array of breathtaking and inspiring destinations, including Los Cabos, Santa Monica, Chicago, Beverly Hills, Riviera Maya, Snowmass, San Francisco, Washington D.C. and St. Lucia. In 2020, the brand expanded to D.C. with the opening of the Viceroy Washington DC and Hotel Zena (Washington D.C.), and Viceroy is growing its international portfolio with the recent opening of Viceroy Kopaonik Serbia and looking ahead with Viceroy at Ombria Resort Algarve (Portugal) in 2023 and Viceroy Bocas Del Toro Panama in 2024. Additionally, Viceroy was named in the top ten of 'Top 25 Hotel Brands' on Travel + Leisure World's Best Awards 2022.Viceroy for Everyone, Viceroy's ongoing commitment to diversity, equity and inclusion to its colleagues and guests can be found at www.viceroyhotelsandresorts.com/about-us/diversity-equity-inclusion.
Viceroy is a member of the Global Hotel Alliance (GHA) DISCOVERY, a unique loyalty program offering exclusive benefits and experiences to its members at over 800 hotels around the world.
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