Colony Capital Announces Closing of Hospitality Portfolios Transaction to Highgate and Cerberus

BOCA RATON, Fla.--(BUSINESS WIRE)--Colony Capital, Inc. (NYSE: CLNY) (“Colony Capital” or the “Company”) today announced it has completed the final sale and assignment, as applicable, of six hospitality portfolios to Highgate and an affiliate of Cerberus Capital Management, L.P. (“Cerberus”). The transaction concludes Colony Capital’s previously announced exit from the hospitality business. Consistent with the original agreement, the transaction resulted in aggregate gross proceeds to the Company of $67.5 million and a reduction of consolidated investment-level debt of $2.7 billion, reflecting the assumption of underlying mortgage debt and other liabilities by Highgate and its affiliates and Cerberus.