Barings LLC completed the sale of seven U.S. hotels to an unnamed Hong Kong-based investment management company for US$650 million, according to a release.
The asset management firm closed the transaction on behalf of its client, and the new owner is retaining the services of Barings as asset manager of the upscale hotel properties in the metropolitan areas of Chicago; Boston; Washington, D.C.; Seattle; and Phoenix.
Earlier, Bloomberg News reported that Hong Kong's Junson Capital, wealth manager of Longfor Properties Co. Ltd. Co-Founder Cai Kui, was in advanced discussions for the purchase of the portfolio from Massachusetts Mutual Life Insurance Co., with an US$800 million price tag.
