Among
the noteworthy deals of the past week was Orion Capital Managers forming a JV with
International Hotel Investments Plc to acquire the Corinthia Hotel Lisbon.
LISBON — Orion
Capital Managers has formed a joint venture with International Hotel
Investments Plc (IHI), owner of the Corinthia Hotels Group portfolio and brand,
to acquire and own 72% of the 517-key Corinthia Hotel Lisbon in Portugal.
The
investment marks the first deployment of capital from Orion European Real
Estate Fund VI, which is targeting a final close at €1.5 billion.
For IHI, the
deal frees up capital to fund further growth of the brand and achieve
shareholder return objectives. IHI currently owns 100% of the asset, will
retain a 28% interest in the JV following completion and its subsidiary
Corinthia Hotels Ltd. will continue to manage and operate the hotel.
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To download
our list of deals from the past week in Excel format, click here.
Deals of the
Week is a weekly feature by Hotel Investment Today that publishes in our Friday
newsletter. Click here for previous deal compilations from earlier weeks.