One of Europe’s largest private property companies, The Topland Group, has acquired the Menzies Hotels portfolio brought to the market in the summer, and sold by specialist property adviser Christie + Co.
Following a fast-track sales process and against strong competition, Topland Group acquired the hotels for a price in excess of the £80 million being sought for the portfolio.
The hotels within the group have a combined bedroom count of over 1,500 in locations which stretch from Aberdeen to Bournemouth, and the portfolio includes high profile assets such as the Welcombe Hotel Spa and Golf Club in Stratford-upon-Avon.
Bespoke Hotels will take over management of the hotels under Vision Asset Management.
Jeremy Hill, Director and Head of Hotels at Christie + Co, says: “We are delighted to announce the sale of Menzies Hotels, one of the leading private hotel groups in the UK. Christie + Co launched the sales process in the summer of this year, and the huge interest we received saw us undertake a substantial number of asset tours for interested parties
“The response to the sale of this 4-star collection is evidence that the UK hotel market is gathering strength as trading levels improve.”
The sale of Menzies Hotels comes as Christie + Co prepares to bring new hotel opportunities to the market early in 2014, helping to meet the growing levels of demand from investors and owner operators.
Menzies has a portfolio of 15 hotels:
- Menzies Aberdeen Airport, Dyce
- Menzies Irvine, Ayrshire
- Menzies Birmingham, Stourport Manor
- Menzies Birmingham City, Strathallan
- Menzies Bournemouth, Carlton
- Menzies Bournemouth, East Cliff Court
- Menzies Derby, Mickleover Court
- Menzies Cambridge
- Menzies Glasgow
- Menzies London Chigwell, Prince Regent
- Menzies London Gatwick, Chequers
- Menzies London Luton, Strathmore
- Menzies Stratford-upon-Avon, Welcombe
- Menzies Swindon
- Menzies Woburn, Flitwick Manor