Hotel owner and operator, Somerston Hotels is changing its company name to Atlas Hotels, with effect from 27 February 2015.
The change of name has been triggered by the recent acquisition of Somerston Hotels by private equity firm Lone Star. This acquisition now puts the former Morethan Hotels portfolio (previously managed for Lone Star by Somerston Hotels) and the Somerston Hotels portfolio under the same ownership, complete with a new name and identity.
Atlas Hotels will continue to be operated by the former Somerston Hotels management team, led by Managing Director, Keith Griffiths. While the Somerston Group is no longer a shareholder in Atlas Hotels, the heritage and strength of the relationship between the two organisations means that Somerston Capital, led by its Managing Director, Shaun Robinson, will continue as strategic advisor on the portfolio.
Development plans
Atlas Hotels, in conjunction with Somerston Capital, has signed a Multiple Development Agreement with InterContinental Hotels Group, which extends the life of the current franchise agreements by a further 15 years and also sets out the joint plan to develop a minimum of 1,000 additional IHG bedrooms by the end of 2018.
Atlas Hotels also plans to continue to develop additional Hampton by Hilton hotels with Hilton Worldwide.
Somerston Capital will be the developer of new build projects with responsibility for site acquisition and the provision of development management services to Atlas Hotels. In excess of 850 rooms are currently under contract or in advanced negotiation.
Atlas Hotels currently owns and operates 47 Holiday Inn Express and one Hampton by Hilton hotel; the 48 hotels have 5,725 bedrooms and are located in key business and leisure destinations throughout the United Kingdom.
These growth plans will lead to a portfolio of in excess of 60 hotels with some 7,500 rooms within the next few years.
For more information click here