Hotel owner and management company Highgate will acquire Viceroy Hotels & Resorts in a deal slated to close in early 2023, according to a news release.
No price or other financial details were disclosed in the announcement.
Los Angeles-based Viceroy has 11 hotels in operation and two in development for a total portfolio of 13 hotels.
Recent openings include its first in Europe, the 119-room Viceroy Kopaonik Serbia. The 76-room Viceroy at Ombria Resort Algarve, Portugal, which will also include 65 private residences, is set to open next year; and the the Viceroy Bocas del Toro Panama will debut in 2024.
The acquisition will result in New York-based Highgate adding to its more than 500 owned and/or managed hotels and more than 84,000 rooms across Europe, Latin America, the Caribbean and United States. Highgate has more than $20 billion in assets under management, according to the release.
Richard Russo, principal at Highgate, said in the news release that āHighgate intends to add brand-accretive hotels to the Viceroy portfolio that will further enhance customer perception and brand awareness.ā
āFurther, through powering Viceroy with a proprietary relationship with Highgate's operating company, and imparting the benefits of Highgateās scale, we will be able to provide significant incremental value to associates, guests, owners and partners,ā he said.
Russo said additional hotels for the Viceroy brand will be announced in āthe coming months ā¦ exciting additions to the portfolio in major urban gateway markets and select resort destinations.ā
Viceroy CEO Bill Walshe said he expects the deal to accelerate the hotel firmās momentum and āsolidify our position as the leading modern luxury lifestyle brand in our space.ā
Viceroy has three sub-brands, the Icon Collection, Lifestyle Series and Urban Retreats.