Highgate Expands UK Portfolio With Addition of Two Properties
Highgate, a leading real estate investment and hospitality management company, has announced two new additions in the UK market - the acquisition of Dorsett City London Hotel and the management of Grosvenor House Suites in London's Mayfair District. The additions mark Highgate's return to the UK and European markets and the company's confidence for tourism and business travel to return.
"Highgate's philosophy over three decades of investing in Europe has been to acquire well-located real estate at discounts to replacement cost, and to pursue opportunities where Highgate has a distinct ability to add value. The Dorsett City London Hotel exemplifies that strategy," said Mehdi Khimji, Managing Principal at Highgate. "Highgate plans to continue pursuing single asset, portfolio and platform wide opportunities throughout Europe by adhering to the key principles that have contributed to the company's historical success - fostering relationships with key industry constituents; innovating around operational, distribution, and hotel positioning capabilities; targeting opportunities where Highgate has a distinct ability to add value; and acting as a highly-reliable and collaborative counterparty on transactions."
Located in the heart of London's financial district, with a strong reputation for luxury and service, the Dorsett Hotel London is well-positioned for a new surge of business and leisure travel. This hotel offers a unique blend of British charm and Asian hospitality, with awe-inspiring views of London's iconic skyline, and is situated near the vibrant Shoreditch and its array of galleries, as well as the Tower of London, Tate Modern and Tower Bridge. The deal is the latest partnership between Cerberus and Highgate.
The Grosvenor House Suites is a 130-unit, luxury, aparthotel, located in the Mayfair neighborhood on Park Lane. As part of its management services, Highgate is partnering with the property's ownership to develop the future positioning and renovation to relaunch the property and capitalize on its unique apartment-style accommodations and location, which caters to discerning international travelers looking for long-term stays and impeccable service.
"In addition to our acquisition platform, we are focused on growing our UK and European management platform through strategic single asset and portfolio management contracts, operating company M&A and, in certain situations, leases," said Richard Russo, Principal at Highgate. "Highgate will have a particular focus on opportunities where the company can see an ability to add value through operational improvements, business plan repositionings, and partnerships with talented management teams."