Start-up picks up core of Folio Hotels
Thursday, 03 Dec, 2009
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A start-up hotel company has acquired the core of the Folio Hotels business and the leasehold interest in eight properties.
Akkeron Hotels, part of an investment business formed last year by James Brent, previously global head of real estate and lodging of Citi’s investment bank, aims to build a portfolio of 150 regional hotels in the UK.
The newly formed company is owned by Brent’s family interests and those of Colin Johnston, who heads a group of companies under the name Clear – including Clear Healthcare Group – and has commercial and residential property interests across the UK.
The eight include: Makeney Hall, Belper, Derbyshire; The Yorkshire Hotel, Harrogate; The Caledonian Hotel, Oban; Cedars Health and Leisure Club, Richmond-upon-Thames; and the Harte & Garter Hotel & Spa in Windsor.
Akkeron’s interests in hotels will comprise a blend of ownership, leases and management contracts.
Discussions are underway with a number of hotel groups, landlords and banks.
Brent said: “The regional UK hotel market provides a real opportunity for a company such as ours which combines access to equity and debt finance, and management expertise and integrity.
“Akkeron Hotels has been set up to capitalise on current market conditions in the sector and the agreement with Folio has enabled us to synthesise Folio’s first class management team with our financial/financing expertise.
“Comprising a core team of professionals with skills and experience across operational hotel management, acquisitions, disposals, financing, legal and corporate finance, we believe that Akkeron offers a high-quality platform from which to develop a substantial UK-focused hotel business.”
The leasehold interests in the following businesses have been acquired by Akkeron Hotels:
· Belper, Derbyshire, Makeney Hall
· Exeter, Buckerell Lodge
· Harrogate, The Yorkshire Hotel
· Glencoe, Ballachulish, The Isles of Glencoe Hotel
· Glencoe, Ballachulish, The Ballachulish Hotel
· Oban, The Caledonian Hotel
· Richmond-upon-Thames, The Richmond Gate Hotel
· Richmond-upon-Thames, Cedars Health and Leisure Club
· Windsor, The Harte & Garter Hotel & Spa
by Phil Davies
Phil Davies
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