UK's Topland Group acquires Menzies Hotels2 Dec, 2013
The Topland Group, based in London, has acquired the parent company of Menzies Hotels from administration for close to £85 million as part of a strategy to build a £1 billion hotel business.
Topland, one of the largest privately owned international investment groups, owns a number of hotels including the Glasgow Hilton and a portfolio of Thistle Hotels, six in central London and one in Edinburgh.
The acquisition includes 12 hotels, predominantly four-star properties spread across the UK, from Aberdeen to Bournemouth, and ranges in size from the 18-room Flitwick Manor, Bedfordshire to Menzies Aberdeen Airport, which is one of Aberdeen's largest hotels with 212 rooms.
Topland has appointed Bespoke Hotels, reportedly the UK's largest operator of independent hotels, to operate the group.
Topland's chairman and chief executive Sol Zakay said: "This acquisition was an exceptional opportunity to acquire a profitable, highly rated hotel group which provides an excellent additional platform for us to drive forward our strategy of building a £1bn hotel platform. The Group as a whole is entering a particularly active phase across a number of fronts including property investment and property lending."
Topland managing director Mark Kingston said: "This acquisition represents a major commitment to dramatically increase our exposure to the hotel sector. We believe there are real opportunities to grow the EBITA of this group which we believe was under-marketed and will benefit from economies of scale which we can provide. The portfolio has a great geographical spread and further highlights not only our belief in the recovery of the hotel market but also our commitment to regional markets too."Topic : Topland Group, Menzies Hotels
External Source : Topland Group
Reproduction in whole or part is prohibited.