Lebanese businessman Toufic Aboukhater has acquired seven Intercontinental Hotels Group (IGH) branded hotels from Morgan Stanley Real Estate Fund VI (MSREF), a real estate investment trust and a unit of Morgan Stanley, for €450m.
The portfolio of hotels includes Intercontinental-branded hotels in Vienna, Amsterdam, Madrid, Rome, Frankfurt and Budapest.
The acquired property also includes the 100-year old Carlton hotel in Cannes.
Intercontinental Hotels Group sold the portfolio to MSREF for €634m in 2006.
According to reports, the $8.8bn MSREF VI fund suffered as much as $5.4bn of losses due to the downturn in property market.