CHARLOTTE, NC—Barings said Monday it had arranged the sale of a seven-hotel portfolio on behalf of its client, a major international financial services company, to a Hong Kong-based investment management company. Seller and buyer were not identified; however, reports by Bloomberg News and other media outlets indicated that the buyer in the $650-million sale was Hong Kong-based Junson Capital and that the seller was MassMutual, which owned the properties through Barings, its asset management arm. A MassMutual spokesman told GlobeSt.com the firm has no comment.

Barings said the portfolio comprised seven upper-upscale business class hotels in the Chicago, Boston, Washington, DC, Seattle and Phoenix metropolitan areas. Industry data identify two of the properties as the Motif Seattle, which traded for $132.8 million, and the Scottsdale Resort at McCormick Ranch, which fetched approximately $61.6 million. Similar in room count, the two properties sold for $416,301 and $188,993 per unit, respectively.

The new ownership plans to maintain continuity. Barings is being retained as asset manager for the hotel portfolio on a long-term basis, and all hotel operation will continue with no change in current hotel management companies or personnel.