STARWOOD CAPITAL ACQUIRES LONDON EXTENDED STAY PORTFOLIO

In an off-market transaction, US-based Starwood Capital Group has acquired a London property portfolio for £206 million, including four extended stay hotels and a residential complex. The extended stay properties, at Earls Court, Tower Bridge, Bermondsey Street and London Bridge, were all previously operated by Think Apartments before the owning companies of the assets fell into administration. "We are excited to establish ourselves as a leading player in the extended stay hotel/serviced apartment market, which we believe is one of the most promising and under-supplied real estate sectors in London today," commented Cody Bradshaw, senior vice president and head of European hotels for Starwood Capital.

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