Hong Kong-based Junson Capital is in advanced negotiations for the acquisition of a portfolio of U.S. hotels for a total price of up to $800 million, Bloomberg News reported, citing a person with knowledge of the matter.
The Chinese real estate property magnate Cai Kui's family office is planning to purchase seven or eight hotels from Massachusetts Mutual Life Insurance Co., or MassMutual, which owns the assets through its asset management arm Barings. The portfolio predominantly comprises boutique hotels and a few resort assets, according to the Feb. 1 report.
Junson manages the wealth of Cai Kui, who is the co-founder of Longfor Properties Co. Ltd. Cai Kui does not hold any management position in Longfor Properties. However, his ex-wife, Wu Yajun, is the chairperson of the company's board.
An announcement regarding the purchase agreement is slated to be made in the next few weeks, the person told the news outlet.
