Macfarlanes has advised Cedar Capital Partners on its recapitalisation, with Ares Management Real Estate Secondaries Funds, of five leading lifestyle hotels in European gateway cities. The portfolio will be owned by Cedar Investment Partners III SCSp, a Cedar-managed fund.

Three of the five assets, Hoxton Rome, Hoxton Lloyd Amsterdam, and Mama Shelter, Prague, have undergone transformational renovations in recent years. The remaining two hotels are scheduled to open in 2025. 

The transaction comes at a time in which hotel real estate has cemented its position as a core asset class for investors, buoyed by the continued revival in tourism and steady growth.

The Macfarlanes team was led by corporate and M&A partner Justin Hope with assistance from senior associate Isaac Paine and associates Alex Gaynor and Saujanya Natarajan. Commercial advice was provided by partner Will Hedges and senior associate Octavia Campbell. Financial services regulation advice was provided by partner Michael Sholem and senior associate Rachael Preston. Finance advice was provided by partner Laura Bretherton.