Colony sells most of its hotel biz to Highgate in $2.8B deal

Tom Barrack’s Colony Capital is selling the majority of its beleaguered hotel business to private investor Highgate Hotels in a deal valuing the properties at $2.8 billion. It’s the largest shakeup the hospitality sector has seen since being decimated by the pandemic. The publicly traded Colony signed an agreement to sell six of its seven hotel portfolios to Highgate for $67.5 million, plus the assumption of $2.7 billion in debt, the California-based company announced Thursday

source https://therealdeal.com/2020/09/24/colony-sells-most-of-its-hotel-biz-to-highgate-in-2-8b-deal/