UK-based hotel owner and operator Cairn Group wants to expand—and a new refinance deal is poised to make the company's plans come true. The 26-hotel-strong company has completed a refinance deal worth a reported £101 million with HSBC, and is already planning to invest more than £50 million into new acquisition and development.
Existing properties within the Newcastle-headquartered business' portfolio include the DoubleTree Hilton and Royal Station Hotel in Newcastle. Late last year, it acquired the Ramada Glasgow Airport Hotel and the historic Stoke Place hotel in Buckinghamshire. A renovation and rebranding of the Hotel Indigo Edinburgh Princes Street is slated to be completed next month.
Over the past five years, the group has spent more than £40 million acquiring and improving assets and doubled employee numbers. Over the course of a year, the company has grown its workforce by 300 employees, and is expected to hire more workers going forward.
Source: The Chronicle