Ares Management and EQ Group completed the acquisition of the hotel portfolio of Landsec for $501m.

Ares Management, a global alternative investment manager, and EQ Group, a hospitality investment and management platform, completed the acquisition of the hotel portfolio of Landsec, a real estate investment trust company, for $501m. "We said in late 2020 that our focus would be on areas where we have a genuine competitive advantage. In line with that strategy, we have continued to recycle capital out of assets where our ability to add further value is limited. The sale of our hotel portfolio and other non-core assets will further strengthen our balance sheet and leave us well placed to take advantage of opportunities in the market as they arise," Mark Allan, Landsec CEO.