UK-based hotel owner and operator Cairn Group struck a big refinancing deal earlier this year in hopes of expanding—and the plan seems to have worked. This week, the company acquired five hotels in a deal estimated to be worth around £75 million. The purchase will reportedly add 665 rooms to Cairns’ portfolio, bringing the total to approximately 3,000 rooms.
The hotels include Redworth Hall Hotel near Newton Aycliffe, County Durham, The Old Ship Hotel in Brighton, The Angel Hotel in Cardiff, The Majestic Hotel in Harrogate, and The Stirling Highland Hotel. If these names sound familiar, they generated some buzz over the spring when they, along with five other properties, were put on the market by The Hotel Collection for an asking price of £130 million.
This acquisition is Cairn Group’s third of the year. “We are continuing to break into new territories and penetrate new customer bases,” Finance director Richard Warren said. “Each of the hotels are completely unique and operating successfully. We see huge potential for them within the Cairn Group portfolio as we expand our coverage into new areas.”
Mincoffs Solicitors LLP and HSBC Bank plc supported Cairn Group on the purchase. Mincoffs also oversaw Cairn Group’s successful acquisition of 11th-century, grade II-listed property The Parish bar in York in August, and the purchase of Stoke Place in January.
Savills and Rothschild jointly advised on the sale of the hotels.