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Barings Sells Hotel Package to Chinese Investors for $650 Million

Junson Capital Buys Seven Upscale Hotels in Five Major U.S. Markets
February 6, 2018
Westin Hotel, 400 Courthouse Square, Alexandria, VA

Barings, a Charlotte-based asset management firm, has sold seven U.S. hotels to Hong Kong-based Junson Capital for $650 million ($318,471/room).

Junson Capital is retaining Barings, which acted on behalf of its client, an international financial services company, to remain as asset manager for the hotel portfolio on a long-term basis.

The portfolio comprises seven upscale business-class hotels in the Chicago, Boston, Washington, Seattle and Phoenix metropolitan areas:

  • The 326-room Scottsdale Resort at McCormick Ranch in Scottsdale, AZ;
  • The 221-room Hilton Sedona Resort at Bell Rock in Sedona, AZ;
  • The 300-room Hilton Rosemont/Chicago O'Hare;
  • The 236-room Kimpton Marlowe Hotel in Cambridge, MA;
  • The 320-room Newport Marriott in Newport, RI;
  • The 319-room Westin Hotel in Alexandria, VA; and
  • The 319 room Motif Seattle.

    "As an asset class, commercial real estate equity continues to attract investors seeking risk-adjusted returns, and assuming an adequate hold period, well-located quality hotel properties also represent a good portfolio diversifier," said Michael Zammitti, head of U.S. real estate equity at Barings.

    Barings said it arranged the sale directly with the buyer and helped line up private financing for the portfolio sale with three separate lenders.

    For more information on the sale, see CoStar Sales COMP 4123915.

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