London – November 15, 2021 – Goldman Sachs Asset Management and Cedar Capital Partners today announced the acquisition of The Belfry Hotel & Resort (“The Belfry”) located near Birmingham in the United Kingdom from an affiliate of KSL Capital Partners.
The Belfry with its three 18-hole golf courses is a four-time host of the Ryder Cup, the biennial golf competition between U.S and European teams. Situated within a substantial 550 acre estate, the full-service resort further features 320 guest rooms, five restaurants, a spa and multiple leisure amenities.
Nabil Aquedim, Executive Director in the Real Estate team at Goldman Sachs Asset Management, said,
“We are delighted to be partnering with Cedar for this acquisition of a renowned hotel and golf resort, which we plan to renovate and extend over the coming years. This investment aligns with our strategy of purchasing high-quality assets that are well positioned to benefit from post-COVID hospitality and leisure trends. We look forward to working with Cedar and the hotel’s management team to build on the Belfry’s strong reputation as a golf resort and enhance the leisure offering.”
Phil Golding, Partner at Cedar Capital Partners noted,
“We look forward to working with the hotel’s management team to build on the Belfry’s storied history, and alongside our partners at Goldman Sachs, we are proud to be the next custodians of this iconic resort.”
Raphael Bihler, Vice President at KSL Capital Partners, remarked,
“We are very proud to have owned the resort for almost ten years, during which time we completed a substantial renovation and repositioning, and developed an outstanding operating team. Through multiple European PGA Tour events, countless corporate functions and many happy social events, we are confident that The Belfry has returned to its rightful place as the top resort in the UK. We are pleased to leave the resort in such stable hands and wish to thank the many members of the management team who have made our ownership period so enjoyable.”
Goldman Sachs Asset Management and Cedar Capital Partners were advised by Jones Day (Legal and Financing), Alvarez & Marsal and Deloitte (Tax and Structuring) and CBRE (Commercial).
KSL Capital Partners were advised by Dentons (Legal), Deloitte (Tax and Structuring) and Savills (Broker).
Wells Fargo and KSL Capital Partners’ separate European Capital Solutions platform financed the acquisition and were advised by Clifford Chance and Bird & Bird