Colliers advises on £60m hotels chain sale
The MANCHESTER office of Colliers International has advised on the sale of the £30m-turnover Forestdale Hotels business to Akkeron Hotels for an undisclosed sum, believed to be around £60m.
Colliers ran an confidential auction process of the 18-strong hotels chain – the bulk of which are based in the South of England.
It said there was “considerable” interest expessed in the business, whose hotels range in size from just 34 bedrooms to 145. Akkeron funded the deal through a ix of equity, deferred consuderation and a new £32m 18-year banking facility provided by Lloyds Banking Group.
Julian Troup, corporate director at Colliers, said: “Despite the confidential marketing in excess of 100 parties expressed initial interest through the signing of a Confidentiality Undertaking. Through a process of inviting offers for the entire share capital of the company, Akkeron Hotels were selected from a shortlist of bidders”.
Akkeron Hotels is a UK-focussed mid-market and regional hotel business comprising 3* and 4* hotels. The Company is planning to build a network of up to 150 regional hotels. Following the Forestdale deal, it now owns 26 sites and employs around 1,400 people.
