A hotel in Barking has been acquired as part of a new joint venture.
Ibis London Barking is one of seven hotels purchased by Starboard Hotels in partnership with LaSalle Investment Management.
The acquisitions were made from Ares Real Estate Funds and EQ Group, and will be managed by Starboard under existing Accor franchise agreements.
Frazer Callingham, managing director of Starboard Hotels, said: "This is a first Private Equity Joint Venture transaction for us and we are very excited to be working in partnership with LaSalle to bring this established portfolio into our hotel family.
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"We expect the portfolio to bring operational efficiencies across our estate, and it is exciting to be a part of both new cities and brands with great potential to grow and improve."
The addition takes Starboard’s UK portfolio to 28 hotels and more than 3,000 rooms.
The seven hotels include ibis Birmingham New Street, Novotel Birmingham Centre, Novotel Sheffield Centre, Ibis Luton Airport, ibis Southampton Centre, Novotel Southampton, and Ibis London Barking.
These bring the total number of Accor hotels managed by Starboard to 15.
Hussein Sunderji, managing director and partner at EQ Group, said: "EQ Hotels are delighted to complete the sale of the portfolio to Starboard and LaSalle, and look forward to seeing these well-located regional hotels' continued growth under their ownership."
Ibis London Barking is Starboard’s third hotel in London.
It offers convenient access to Canary Wharf and Westfield Stratford.
With this acquisition, Starboard now has three hotels that serve major UK airports.
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