GFH Capital, a subsidiary of Bahrain’s GFH Financial Group has made a deal to acquire a hospitality portfolio of 12 US hotels in partnership with Arbor Lodging Partners.
Sister publication Arabian Business covered the news, saying the portfolio contains branded hotels across California, Connecticut and New Jersey. It added that GFH Capital made a US$250 million investment to obtain the portfolio.
Both Arbor and GFH assured they will roll out a refurbishment programme at the properties, aimed to add value and increase revenue generation of the hotels.
Arbor will hold a 9% stake in the portfolio and serve as the asset manager Arabian Business explained.
GFH CEO Hisham Alrayes said: “We’re delighted to close another significant investment in the US markets, which continues to perform strongly and in this robust segment of the hospitality sector.”
He added: "The portfolio is well diversified with assets located in key submarkets of the country that are showing growth and overall positive dynamics.”Alrayes concluded: "We look forward to working with our partner Arbor to add further value to these assets and expect stronger income and returns for our investors.”