November 11, 2021

Goldman Sachs Asset Management and Cedar Capital Partners acquire The Belfry Hotel & Resort

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 Patners 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 maintainied a consistent track record of strong performance and value creation throughout various market cycles. More information on the firm can be found at
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
 For further details:
Goldman Sachs
Joseph Stein
+44 207 774 4080
Cedar Capital Partners
Phil Golding
+44 207 484 3560
KSL Capital Partners
Maureen Richardson
+914 434 6033