An undisclosed fund managed by Ares Real Estate Group, and EQ Group Limited acquired 21 Hotel Assets Portfolio from Land Securities Group Plc (LSE:LAND) for £400 million on May 8, 2024. The consideration consists of £350 million in cash and £50 million in Earn out related payment payable within 24 months. Concurrently, Ares entered into an agreement with AccorInvest to surrender these leases and transfer operations of the relevant hotels to Ares. The hotel portfolio, which comprises 21 assets, is fully let to AccorInvest and generated net income of £28.4 million over the company's last reported financial year. The net proceeds of the transaction will initially be used to repay debt.

An undisclosed fund managed by Ares Real Estate Group, and EQ Group Limited completed the acquisition of 21 Hotel Assets Portfolio from Land Securities Group Plc (LSE:LAND) on May 8, 2024.