Viceroy gets new owners

Rendering of Viceroy Bocas del Toro, Panama. Image © Viceroy Hotels & Resorts
Real estate investment and hospitality management company Highgate is to purchase luxury group Viceroy Hotels & Resorts.

Both firms are US based, with LA-headquartered Viceroy debuting in 2000 with the launch of Viceroy Santa Monica.

Panoramic portfolio

The Viceroy brand has since evolved into a portfolio of hotels and resorts in destinations such as St Lucia, Chicago and Los Cabos.

Currently in the pipeline are Viceroy at Ombria Resort Algarve, a 76-key secluded resort set to open in Portugal in Q2 this year; Viceroy Bocas del Toro Panama, which will  feature 186 modern guestrooms, including 42 overwater villas along 457 acres of coastline in the central American country when it appears in Q1 2024; and Cirque Residences x Viceroy Snowmass ski resort in Colorado, USA, delivering 48 keys in Q3 2023.

Accelerate momentum

Bill Walshe, CEO of Viceroy, said of the ownership transfer: “We are excited for Viceroy’s future and we believe that this acquisition will not only fuel the future expansion of our brand, but also give us a true partner, one who will offer incredible support, opportunity and collaboration. This deal will accelerate our momentum, and solidify our position as the leading modern luxury lifestyle brand in our space.” 

The transaction is expected to close early this year.

Future accretion

Richard Russo, principal at Highgate, said: “We are thrilled to execute this transaction with Viceroy. Viceroy has built an outstanding customer reputation due in part to its strong service culture and incredible team. Through complementing Viceroy’s platform and DNA with Highgate’s diversified ability to grow through real estate acquisitions, development, and third-party growth channels, Highgate intends to add brand-accretive hotels to the Viceroy portfolio that will further enhance customer perception and brand awareness. Further, through powering Viceroy with a proprietary relationship with Highgate’s operating company, and imparting the benefits of Highgate’s scale, we will be able to provide significant incremental value to associates, guests, owners and partners.

“We look forward to working with the Viceroy team to add visible and impactful hotels to the platform, and cement Viceroy as one of the most noteworthy luxury lifestyle hotel brands in the industry. In the coming months, we will be announcing exciting additions to the portfolio in major urban gateway markets and select resort destinations that will invoke the distinct quality and luxury service that Viceroy has long been known for.”