Real estate and hospitality management company Highgate has agreed to purchase Los Angeles-based Viceroy Hotels & Resorts for an undisclosed sum.
“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” says Viceroy CEO Bill Walsh. “This deal will accelerate our momentum, and solidify our position as the leading modern luxury lifestyle brand in our space.”
“We are thrilled to execute this transaction with Viceroy,” adds Highgate principal Richard Russo. “Viceroy 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.”
Russo continues: “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. We look forward to working with the Viceroy team to add visible and impactful hotels to the platform, and cement Viceroy as one of the most noteworthy luxury lifestyle hotel brands in the industry. 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.”
The transaction is slated to close in early 2023.
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