The transaction was undertaken in a joint venture between GFH Capital and Arbor/Shutterstock
by Kudakwashe MuzoriwaBahrain-based GFH Financial Group has acquired a $250 million diversified US hospitality portfolio in partnership with Arbor Lodging Partners consisting of twelve premium branded select service hotels.
In a statement, GFH Financial Group said that the transaction was undertaken in a joint venture between GFH Capital and Arbor. Arbor will hold a nine per cent stake in the portfolio and act as the asset manager.
The hotels fall under either a Hilton Brand hotel-Hilton Garden Inn, Hampton Inn, and Homewood Suites or a Marriott Brand hotel-Courtyard, Residence Inn, and Springhill Suites.
Hisham Alrayes, the CEO of GFH, said, “The portfolio also benefits from best in class branding with the Hilton and Marriott franchise affiliations making them well known to target audiences and a part of industry-leading guest loyalty programmes driving traffic.”
“The portfolio is well diversified with assets located in key submarkets of the country that are showing growth and overall positive dynamics,” Alrayes.
The hotels which are in the California, Connecticut and New Jersey will be managed by Arbor Lodging Management, an affiliate of Arbor.
Earlier this year, GFH Financial Group issued $300 million five-year Sukuk. The deal, its first debt capital market transaction since 2008, was oversubscribed 2.5 times, with the order book exceeding $750 million.
MOST READ
BUSINESS
Fed rate cuts add pressure on Saudi banksBUSINESS
ING Groep plans to sell its Turkish unitBUSINESS
Bahrain considers stake sell in oil assetsBUSINESS
SABB seeks to boost corporate lendingBUSINESS
Dubai’s W Motors seeks funds to go electricBUSINESS
HSBC considering exiting from TurkeyBUSINESS
Zimbabwe turns to UAE to sell a stake in...BUSINESS
ADIA plans to sell a $2 billion stake in...BUSINESS
Amanat considers stake in VPS HealthcareBUSINESS
ECI, HSBC partner to support UAE businessesBUSINESS
Saudi Arabia’s NCB, Riyad Bank end merger talksBUSINESS
National Bank of Oman to exit from EgyptBUSINESS
DAMAC Chairman acquires Italy’s Roberto CavalliBUSINESS
DIEDC expands network of partners in IndonesiaBUSINESS
ADIB seeks to increase foreign ownership limitBUSINESS
HSBC, Emirates NBD cut jobs in UAE as banks...BUSINESS
Salt Bae backers seek a partner and a $1...BUSINESS
KIZAD, ECI partner to support UAE businessesBUSINESS
UAE plans to loosen cap on bank lending to...
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
