MetLife and Thayer Lodging Group announced that they have acquired the 365-room Hilton Los Cabos Beach & Golf Resort in Cabo San Lucas, Mexico in a joint venture. MetLife and Thayer Lodging Group purchased the luxury resort from Oasis Cabo LLC. The purchase price was not disclosed.
MetLife is the majority investor in the joint venture with Thayer Fund VI.
"MetLife is pleased to add the Hilton Los Cabos Beach & Golf Resort to our portfolio of hotel properties in Mexico," said Robert Merck, senior managing director and global head of real estate investments for MetLife. "Our long term investment strategy focuses on attractive opportunities in the U.S. and internationally, as we continue to seek top quality properties in major global markets in 2013. We highly value our relationship with the Thayer Lodging Group and look forward to continuing this partnership in the future."
Lee Pillsbury, Co-Chairman and Chief Executive Officer of Thayer Lodging Group, said: "We are happy to partner with MetLife to add this hotel to the Thayer Hotel Investors VI portfolio. Its combination of current high yield and forecasted appreciation make it an excellent investment."
This is the first acquisition for Thayer outside the U.S. and the second high profile investment with MetLife for the Thayer Fund VI in the last two months. In July, MetLife and Thayer announced their acquisition of the Ritz-Carlton San Francisco from Host Hotels and Resorts, Inc.
Fred Malek, Thayer Lodging chairman, said: "Fund VI remains aggressive in targeting distinctive North American hotel assets. We believe Los Cabos is an outstanding resort and group destination, which will benefit significantly from our value added approach." He concluded, "Thayer is very pleased to again partner with MetLife in a hotel investment and we look forward to the continuation of this great relationship."