US: Highgate has entered into a definitive agreement to purchase LA-based Viceroy Hotels & Resorts, with the transaction expected to close in early 2023.
Viceroy debuted in 2000 with the launch of Viceroy Santa Monica. Since then, the brand has evolved to include three hotel categories within its portfolio: the Icon Collection, the Lifestyle Series, and Urban Retreats.
Recently, an international hotel has opened in Kopaonik, Serbia with additional sites in the Algarve (Portugal) and Bocas Del Toro (Panama) expected to open in 2023 and 2024 respectively.
“We are excited for Viceroy’s future and we believe that this acquisition will not only fuel the future expansion of our brand, but also give us a true partner, one who will offer incredible support, opportunity and collaboration. This deal will accelerate our momentum, and solidify our position as the leading modern luxury lifestyle brand in our space,” said Bill Walshe, CEO of Viceroy.
Richard Russo, principal at Highgate, added: “We are thrilled to execute this transaction with Viceroy. The brand has built an outstanding customer reputation due in part to its strong service culture and incredible team. Through complementing Viceroy’s platform and DNA with Highgate’s diversified ability to grow through real estate acquisitions, development, and third-party growth channels, Highgate intends to add brand-accretive hotels to the Viceroy portfolio that will further enhance customer perception and brand awareness.
“Further, through powering Viceroy with a proprietary relationship with Highgate’s operating company, and imparting the benefits of Highgate’s scale, we will be able to provide significant incremental value to associates, guests, owners and partners. In the coming months, we will be announcing exciting additions to the portfolio in major urban gateway markets and select resort destinations that will invoke the distinct quality and luxury service that Viceroy has long been known for,” said Russo.
Highgate is a real estate investment ad hospitality management company with over $20 billion of assets under management. The group’s hotel portfolio includes over 500 owned and/or managed hotels comprising more than 84,000 rooms across the US, Europe, Latin America and the Caribbean.