CERBERUS PURCHASES UK HOLIDAY INN PORTFOLIO

New York-based Cerberus Capital Management has acquired a portfolio of 18 Holiday Inn hotels across the UK for £225 million (2,443 rooms, £92,000 per room) from a joint venture between Lehman Brothers Real Estate, Canadian property company Realstar and Singapore-based investor GIC Real Estate. HVS Hodges Ward Elliott advised Cerberus on the transaction. All of the hotels will continue to operate as Holiday Inn properties under a long-term franchise agreement with Interstate Europe, part of US-based hotel management company, Interstate Hotels & Resorts.

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