UK: Real estate investor and hospitality manager Highgate won the management contract for Grosvenor House Suites in London’s Mayfair.
The Grosvenor House Suites is a 130-unit luxury aparthotel, located on London’s 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 capitalise on its unique apartment-style accommodations and location, which caters to discerning international travellers looking for long-term stays and impeccable service”.
Until April 2021, the property was operated by Jumeirah Group.
“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.”
The company has also acquired the 267-key Dorsett City London Hotel. The deal is the latest in a partnership between Cerberus Capital Management and Highgate.
“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.”
