Wed, 12/03/2014 - 06:04
St James’s Hotel Group has completed the acquisition of 14 hotels across England from Forestdale Hotels (in administration).
The 14 hotels are unbranded three star hotels well situated in strongly performing locations, such as Bath, Cambridge, Bristol, and Winchester, the New Forest and the Cotswolds.
The group employs 600 people and has annual revenue of around GBP18m.
The hotels have suffered from a prolonged period of under-investment with Forestdale struggling to service a large debt burden and recently went into administration.
Shaun Robinson, managing director of St James’s Hotels, says: “We are very excited to have acquired this portfolio and while it will require significant investment in both time and money, we believe we are well placed to maximise the potential of these well located properties. This is the first of a series of acquisitions that we hope to make for St James's Hotels.”
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