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7-Hotel Portfolio Trades to HK Buyer

Media reports identify the buyer as Junson Capital, the family office of Longfor Properties co-founder Cai Kui.

By Paul Bubny | Updated on February 06, 2018

Exterior of Motif Seattle The Motif Seattle traded to Junson earlier this month, industry data show.

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.

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