News

London – 11 November 2021 – Goldman Sachs Asset Management and Cedar Capital Partners today announced the acquisition of The Belfry Hotel & Resort (“The Belfry”) located near Birmingham in the United Kingdom from an affiliate of KSL Capital Partners.

The Belfry with its three 18-hole golf courses is a four-time host of the Ryder Cup, the biennial golf competition between U.S and European teams. Situated within a substantial 550 acre estate, the full-service resort further features 320 guest rooms, five restaurants, a spa and multiple leisure amenities.

Nabil Aquedim, Executive Director in the Real Estate team at Goldman Sachs Asset Management, said, “We are delighted to be partnering with Cedar for this acquisition of a renowned hotel and golf resort, which we plan to renovate and extend over the coming years. This investment aligns with our strategy of purchasing high-quality assets that are well positioned to benefit from post-COVID hospitality and leisure trends. We look forward to working with Cedar and the hotel’s management team to build on the Belfry’s strong reputation as a golf resort and enhance the leisure offering.”

Phil Golding, Partner at Cedar Capital Partners noted, “We look forward to working with the hotel’s management team to build on the Belfry’s storied history, and alongside our partners at Goldman Sachs, we are proud to be the next custodians of this iconic resort.”

Raphael Bihler, Vice President at KSL Capital Partners, remarked, “We are very proud to have owned the resort for almost ten years, during which time we completed a substantial renovation and repositioning, and developed an outstanding operating team. Through multiple European PGA Tour events, countless corporate functions and many happy social events, we are confident that The Belfry has returned to its rightful place as the top resort in the UK.  We are pleased to leave the resort in such stable hands and wish to thank the many members of the management team who have made our ownership period so enjoyable.”

Goldman Sachs Asset Management and Cedar Capital Partners were advised by Jones Day (Legal and Financing), Alvarez & Marsal and Deloitte (Tax and Structuring) and CBRE (Commercial).

KSL Capital Partners were advised by Dentons (Legal), Deloitte (Tax and Structuring) and Savills (Broker).

Wells Fargo and KSL Capital Partners’ separate European Capital Solutions platform financed the acquisition and were advised by Clifford Chance and Bird & Bird
 
About Goldman Sachs Asset Management Real Estate‍

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market-overseeing more than $2 trillion in assets under supervision worldwide as of September 30, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 1991, the Real Estate business within Goldman Sachs Asset Management is one of the largest investors in real estate with over $50 billion in assets invested since 2012 across the spectrum of investment strategies from core to opportunistic. Our global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity. Follow us on LinkedIn.

About Cedar Capital Partners          ‍

Cedar Capital Partners is a specialist hotel investment firm.  The company has acquired more than $4 billion of hotel assets across Europe and the US with a focus on luxury, full-service and lifestyle hotels.  The firm’s principals are industry professionals with backgrounds in acquisitions, finance, development and operations. Operating from its London and NY offices, Cedar Capital Partners has maintained a consistent track record of strong performance and value creation throughout various market cycles. More information on the firm can be found at www.cedarcp.com.
 
About KSL Capital Partners‍

KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; London, England and Singapore. Since 2005, KSL has raised in excess of $15 billion of capital across both equity, credit and tactical opportunities funds. KSL's current portfolio includes some of the premier properties in travel and leisure. KSL’s European Capital Solutions (ECS) platform is actively investing across the travel and leisure sector in Europe. KSL ECS focuses on credit and non-controlling equity investments and has the ability to invest throughout the capital structure.For more information, please visit www.kslcapital.com.

For further details:

Goldman Sachs
Joseph Stein
+44 207 774 4080
joseph.stein@gs.com

Cedar Capital Partners
Phil Golding
+44 207 484 3560
phil@cedarcp.com

KSL Capital Partners
Maureen Richardson
+914 434 6033
mrichardson@riverinc.com

SYDNEY – October 4, 2021 KSL Capital Partners, LLC (KSL) announced today that an affiliate of KSL has acquired the Four Points by Sheraton Sydney, Central Park for an undisclosed amount. It will continue to be operated by Marriott International under the Four Points by Sheraton brand. While KSL has already invested in Ballie Lodges in Australia, this is KSL’s first investment in Sydney.

“KSL Capital Partners’ primary focus is to invest in high-quality travel and leisure properties with outstanding management teams,” said Siddhant Jhunjhunwala, Vice President, KSL. “Sydney is one of the strongest long-term Asia Pacific tourism destinations and has historically outperformed all other Australian gateway cities. This is a rare opportunity to expand our portfolio with an upscale, strategically-located asset in this highly sought-after market.”

Newly opened in 2018, the Four Points by Sheraton Sydney, Central Park features 297 guest rooms, including 45 suites. Amenities include a bar, restaurant, fitness center, 50 dedicated car parking spaces and over 500 sqm of conference and meeting space. Planned capital improvements include repurposing existing meeting space and enhancing food & beverage concept offerings.

The property is strategically located at 88 Broadway, Chippendale NSW and forms part of the Central Park mixed-use development, adjacent to Sydney’s emerging “Silicon Valley”. It is within close proximity to a number of major corporations, University of Technology Sydney, the vibrant Chinatown, Surry Hills, University of Sydney, University of Notre Dame, and the Darling Harbour convention and entertainment precinct. The hotel is served by Central Station, one of the main public transport hubs in Sydney for trains, buses, the recently opened light rail and the forthcoming metro currently under construction.

About KSL Capital Partners‍

KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; London, England and Singapore. Since 2005, KSL has raised approximately USD $15 billion of capital across both equity, credit and tactical opportunities funds. KSL's current portfolio includes some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com.

Media Contact: Jeanine Morgan, River Communications
Office: + 914-686-5599

BETHESDA, Md.--(BUSINESS WIRE)-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today
announced that it acquired the 369-room oceanfront Margaritaville Hollywood Beach Resort in Hollywood, Florida for $270 million from an affiliate of KSL Capital Partners, LLC. The lifestyle resort will continue to be managed by Davidson Hospitality Group (“Davidson”).

Margaritaville Hollywood Beach Resort, the flagship property to an internationally recognized brand synonymous with a casual-luxe lifestyle, is located on 6.2 oceanfront acres, along 450 linear feet of direct beach frontage, and is the focal point of the famous Hollywood Beach Broadwalk. The resort was built in 2015 and features 369 guestrooms, including 43 well-appointed suites, and over 30,000 square feet of indoor and outdoor event space for leisure and corporate groups overlooking the Atlantic Ocean. The resort also features 8 highly successful casual and upscale dining venues, including Jimmy Buffet’s Margaritaville, Landshark Bar & Grill, JWB Prime Steak and Seafood, 5 o’Clock Somewhere Bar & Grill, and Floridays Airstream Cafe. Additional resort amenities include the 11,000-square foot St. Somewhere Spa, Fitness and Salon, multiple outdoor swimming pools, 22 full-service cabanas, the Flowrider Surf Simulator, the Parakeets Kid’s Club, numerous retail outlets, and live entertainment nightly at one of the resort’s several vibrant outdoor-entertainment venues.

“We’re thrilled to acquire this irreplaceable, lifestyle beachfront resort in the growing South Florida market, which is known as Margaritaville’s flagship property on the east coast,” said Jon Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust. “This premier lifestyle resort attracts both leisure and corporate group customers who seek a unique laid-back experience with a wide array of restaurant, bar, and entertainment venues. In addition, Margaritaville’s strategic oceanfront location on the Hollywood Broadwalk makes it a natural destination for residents and tourists in the South Florida market.”

Ideally located between Miami Beach and Fort Lauderdale, Margaritaville Hollywood Beach Resort benefits from its proximity to both cities, including numerous recreational, retail, and entertainment activities. The resort is within a day’s drive of over 20 million residents while also benefitting from excellent airlift from Fort Lauderdale-Hollywood International Airport and Miami International Airport. Directly adjacent to the resort, the Hollywood Beach Broadwalk stretches 2.5 miles along the Atlantic Ocean. The brick-paved thoroughfare is a haven for tourists attracted to its countless eateries, cafes, and retail outlets. The focal point of the Hollywood Broadwalk is the Hollywood Bandshell, which is located at the resort and is operated by the property team.

Davidson will continue to manage Margaritaville Hollywood Beach Resort. Following the acquisition of Margaritaville Hollywood Beach Resort, Davidson now operates 6 of Pebblebrook’s properties.

“We are excited to partner with Davidson on another unique resort,” continued Mr. Bortz. “Davidson has extensive experience operating high-quality destination resorts, including our iconic Paradise Point Resort in San Diego, which we are targeting to convert to Margaritaville’s west coast flagship resort. Davidson also operates our Solamar San Diego, which is slated to become a Margaritaville downtown urban resort. The Davidson team has a deep understanding of the Margaritaville brand and customer, making them a natural partner for Margaritaville Hollywood Beach Resort, which we believe has tremendous upside.”

Pebblebrook is evaluating numerous operating and physical enhancements for additional upside opportunities and increased cash flow. This includes adding guestrooms, expanding the restaurant and bar offerings, reimagining the merchandising and quality of the retail space, and creating additional revenue-generating venues from under-utilized indoor and outdoor spaces and areas. The resort will also become part of Curator Hotel & Resort Collection, which is expected to result in a wide array of expense reductions and enhanced technology and operating initiatives for the resort.

For full-year 2021, following a slow start to the year due to the pandemic, Margaritaville Hollywood Beach Resort is forecasted to produce between $475 and $480 of total revenue per available room (“TRevPAR”). The resort is expected to generate hotel earnings before interest, taxes, depreciation, and amortization (“hotel EBITDA”) of $16.8 to $17.2 million and hotel net operating income (“hotel NOI”), after a 4% capital reserve, of $14.3 to $14.5 million.

The acquisition of Margaritaville Hollywood Beach Resort brings the total number of properties in the Company’s portfolio to 52, including 10 drive-to, independent lifestyle resorts.

The Company funded the acquisition with approximately $108.5 million of cash on hand, and assumed the $161.5 million of existing non-recourse, secured debt. The debt matures in May 2022 and provides for up to two one-year extensions to May 2024. The interest rate on the debt is floating at a current all-in rate of approximately 2.5%. The Company may pre-pay the debt at any time without penalty.

Following the acquisition of Margaritaville Hollywood Beach Resort, the Company will have liquidity of approximately $800.0 million, including an estimated $160.0 million of consolidated cash, cash equivalents, and restricted cash in addition to $644.2 million of undrawn availability on its senior unsecured revolving credit facility.

About Pebblebrook Hotel Trust‍

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels in the United States. The Company owns 52 hotels, totaling approximately 13,000 guest rooms across 15 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.

About Curator Hotel & Resort Collection

^Curator Hotel & Resort Collection is a distinct collection of hand-selected small brands and independent lifestyle hotels and resorts worldwide, founded by Pebblebrook Hotel Trust and a group of industry-leading hotel operators. Curator provides lifestyle hotels the power to compete together while allowing its members the freedom to retain what makes their hotels unique. It offers independent lifestyle hotels the benefits of associating with other unique lifestyle hotels and brands while participating in best-in-class operating agreements, services, and technology. In addition to Pebblebrook, the founding members of Curator include Davidson Hospitality Group, Noble House Hotels & Resorts, Provenance, Sage Hospitality Group, Springboard Hospitality, and Viceroy Hotels & Resorts. For more information, visit www.curatorhotelsandresorts.com.

About Davidson Hospitality Group

Davidson Hospitality Group is an award-winning, full-service hospitality management company comprised of 67 existing hotels and resorts; more than 165 restaurants, bars and lounges; and nearly 1.5 million square feet of meeting space across the United States. A trusted partner and preferred operator for Hilton, Hyatt, Kimpton, Marriott, and Margaritaville, Davidson offers a unique entrepreneurial management style and owners' mentality that provides the individualized personal service of a small company, enhanced by the breadth and depth of skill and experience of a larger company. In keeping with the company's heritage of delivering value, Davidson Hospitality Group is comprised of four highly specialized operating verticals: Davidson Hotels, Pivot, Davidson Resorts, and Davidson Restaurant Group. For more information, visit www.davidsonhospitality.com.

This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” references to “outlook” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts and other forward-looking information and estimates. Examples of forward-looking statements include the following: projections of hotel operating performance; descriptions of the Company’s plans or objectives for future operations, acquisitions or services and descriptions of assumptions underlying or relating to any of the foregoing expectations including assumptions regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy and the supply of hotel properties, and other factors as are described in greater detail in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.

All information in this press release is as of September 23, 2021. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.

Link to Release

London, Friday 3rd September 2021 — Extended stay hospitality pioneers edyn today announce it has secured a £195m multi-asset debt facility with BREDS in partnership with an affiliate of KSL Capital Partners through its European Capital Solutions platform (“KSL ECS”).

The agreement will help secure edyn’s continued expansion of its portfolio into Europe, which includes lifestyle aparthotel brand Locke, and newly launched serviced apartment brand, Cove.

The facility contributes to the funding arrangements on five projects comprising 850 units across The Hague (Cove – Centrum), London (Bermonds Locke, Buckle Street Studios, Cove – Landmark Pinnacle) and Cambridge (Turing Locke/Hyatt Centric).

The arrangement underscores edyn’s rapidly expanding presence across Europe, which includes seven new Locke openings this year in the UK, Ireland, and Germany; plus, two new Cove openings in Canary Wharf and the Liverpool ONE development.

Earlier this week, edyn announced it had acquired a project in The Hague from AccorInvest, which will be the first scheme to operate under its newly launched Cove brand in mainland Europe. Formerly a 118-key Novotel Suites, the asset will be converted to 121 serviced apartments, and is expected to open in March 2022.

edyn’s recent signing with Grosvenor to operate 162 Cove serviced apartments in the Landmark Pinnacle development in Canary Wharf, London, also forms part of the deal with Blackstone and KSL. ‘Cove – Landmark Pinnacle’ will open this November and occupy the first 10 floors of the 75-storey residential building.

Turing Locke/Hyatt Centric, built in the sustainable new district of Eddington in Cambridge, is due to open next month. It will become the eleventh Locke aparthotel in Europe, comprising 180 keys, with studio and one- and two-bedroom apartments, a restaurant, cocktail bar, coffee shop, retail space, co-working facilities, meeting rooms and an event space. Buckle Street Studios by Locke will open this October, comprising 103 keys over a 12-storey new development adjacent to the first Locke, Leman Locke, which opened in 2016.

Today’s announcement underscores Brookfield-owned edyn’s proven resilience over the past 18 months and its positive outlook for the extended stay sector – which is benefitting from a shift in traveller demand to favour stylish, spacious and flexible self-contained accommodation. Both Locke and Cove are well positioned to capitalise on this evolution as edyn grows across Europe.

Merzak Kaddour, Investment Director at edyn, said: “We are thrilled to partner with Blackstone and KSL whose experience, sector knowledge and capability to transact across multiple jurisdictions made them the ideal funding partner for this transaction.

We remain highly positive on the outlook for the extended stay sector and the resilience of our business model as we push forward with our European growth, and look forward to a prolonged working relationship with two of the most highly respected and well-established players in the sector.”

Steve Plavin, Senior Managing Director, Blackstone Real Estate Debt Strategies, commented: “We are delighted to support edyn as they continue to successfully expand across Europe. Providing financing to edyn, a top sponsor in the extended stay and hospitality sector, with a great lending partner in KSL, is fantastic business for our debt platform.”

Hal Shaw, Partner and Head of European Capital Solutions at KSL, added: “KSL ECS is pleased to partner with edyn and Blackstone to help facilitate the next phase of edyn’s expansion as the Company continues to build upon its track record of leadership and innovation within extended stay hospitality.”    

JLL acted on behalf of edyn as debt advisor.

For more information, contact:

Gary O’Shea | T +44 (0) 7814 658 271 | E: Gary@rhizomemediagroup.com

Sarah Robinson | T +44 (0) 7545 895 404 | E: Sarah@rhizomemediagroup.com

Neil Millard | T +44 (0) 7803 560 331 | E: Neil@rhizomemediagroup.com
 
About edyn‍

edyn has been an industry pioneer in extended stay living for over 20 years. The group has built an extensive range of aparthotels and serviced apartments across the UK and Europe, which includes lifestyle aparthotel brand Locke, future-facing serviced apartment brand Cove, and Saco. edyn’s portfolio is supported by a wider partner network, developing a global supply chain of over 80,000 apartments in 260 key locations.

edyn is founded on a philosophy that travel should be a rich journey of discovery, rewarding curiosity with knowledge and inspiration whether travelling for business or leisure.

For more information, please visit: www.findingedyn.com  
For press enquiries, please contact: edyn@purplepr.com

London, 18 August 2021 – Via its European Capital Solutions (“KSL ECS”) platform, an affiliate of KSL Capital Partners, LLC (“KSL”) has provided an up to £85m loan to an affiliate of Resolution Property (including potential future funding) to refinance the development facility secured on the recently opened Hyatt Place, London City East hotel. The loan is structured to finance potential operating and interest shortfalls as the property’s performance stabilises. Resolution Property was advised by CBRE’s Debt & Structured Finance team, part of CBRE Capital Advisors.

The property is a 280-bedroom hotel in Aldgate and is the first Hyatt Place in Central London. Situated close to London’s financial district, it features a ninth-floor roof-top bar and terrace with views across the capital, two flexible event spaces, an inner courtyard, a gym and a grab-and-go food market.

Whitechapel and Aldgate have seen significant investment in recent years, with multiple development projects, including 1 Braham Street and The White Chapel Building, improving its connectivity to the rest of London and the surrounding public spaces.

Chris Gow, Executive Director, Debt & Structured Finance, CBRE commented: “We are delighted to have secured this financing on behalf of our client, Resolution Property. This transaction demonstrates renewed lending appetite for assets benefitting from a combination of strong real estate fundamentals, established sponsors and an attractive brand.  It also underlines recovery expectations for the London hotel market, which has been severely challenged over the course of the last year. Demonstrating their in-depth experience of the hospitality sector, KSL provided a thoughtfully structured and seamlessly executed loan to accommodate the property’s opening and post-COVID ramp up.”

Scott O’Donnell, COO at Resolution Property commented: “We are pleased to have worked with CBRE on the financing of Hyatt Place London City East hotel. Having successfully opened the hotel on 1 July, refinancing the development loan was the next step in the hotel’s life cycle. CBRE and KSL have worked with us to deliver a financing package that reflects the strong fundamentals of the hotel as well as the unique challenges of opening a new hotel during the early stages of London’s hotel recovery.”
Resolution Property was advised by Taylor Wessing LLP, KPMG and Berkeley Capital and KSL by Latham & Watkins LLP.

Media contact
Miranda Walters: miranda.walters@cbre.com / +44 (0) 207 182 2506 / @CBRE_UK
 
About Resolution Property‍

Resolution Property was founded in 1998 with the specific aim of investing in UK and European commercial real estate that offers scope for high returns through a combination of good initial stock selection, active management, refurbishment and redevelopment potential. Grounded in experience of some of Europe’s most successful urban development projects, Resolution Property creates inspiring places, from cutting-edge workspaces to vibrant retail destinations across Europe. Its London and UK regional office developments offer bespoke workplaces, recognising that creative companies thrive in stimulating environments. Across Europe, Resolution uses innovative and creative asset management techniques to release un-tapped value from outlet centres and mixed-use schemes. Resolution Property’s current and recent creative office developments include:

• Floreasca Park, Bucharest, Romania
• Moretown, Wapping, London
• Pegasus Park, Brussels, Belgium
• Vantage London, West London
• Programme in Bristol, United Kingdom
• Royal Exchange offices, The City of London, London
• The Gramophone Works, Notting Hill, London
• The Trade in Frankfurt, Germany
• Alphabeta in Shoreditch, London
• Ampersand, Soho, London www.resolutionproperty.com

About KSL Capital Partners‍

KSL Capital Partners, LLC is a global investment firm specialising in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate, and travel services. KSL has offices in London, United Kingdom; Denver, Colorado; Stamford, Connecticut; and Singapore.  Since 2005, KSL has raised approximately US$15 billion of capital across debt and equity funds.

KSL ECS is actively investing across the travel and leisure sector in Europe. KSL ECS focuses on credit and non-controlling equity investments and has the ability to invest throughout the capital structure. For more information, please visit www.kslcapital.com or contact ECS@kslcapital.com.
 
About CBRE Group, Inc.‍

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.