Viceroy Hotels & Resorts has a new owner. An affiliate of the Principals of Highgate announced today that it has entered into a definitive agreement to purchase he Viceroy brand, which debuted in 2000 with the launch of Viceroy Santa Monica and has evolved into a portfolio of hotels and resorts in destinations such as St Lucia, Chicago, Los Cabos and Snowmass.
The transaction is expected to close in early 2023.
“We are thrilled to execute this transaction with Viceroy. Viceroy has built an outstanding customer reputation due in part to its strong service culture and incredible team,” said Richard Russo, Principal at Highgate. “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. 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,” continued Russo. “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.”
Highgate is a real estate investment and hospitality management company with over $20 billion of assets under management. Highgate has a 30-year track record as an investment manager, operating partner, and developer for REITs, private equity firms, sovereign wealth funds, high net worth individuals, and other institutional investors. With a particular focus in hospitality real estate, Highgate’s portfolio includes more than 500 owned and/or managed hotels comprising over 84,000 rooms across the United States, Europe, Latin America, and the Caribbean.