American investment firm, Starwood Capital has purchased De Vere Group's venues arm in a multimillion pound deal and follows Starwood Capital's £90m purchase of Four Pillars Hotels at the start of this year.
The hotel group’s venues division, which sold for £231m, includes 23 owned and leased hotels with 2,433 rooms, 374 meeting rooms and 414,000 sq ft of meeting space. The division can cater for 700,000 delegates per year.
De Vere Venue's portfolio consists of the Ricoh Arena in Coventry, the East Midlands Conference Centre, and Grade I-listed Chicheley Hall, near Milton Keynes.