Palatine checks in with Croydon hotel swoop
MANCHESTER-based Palatine Private Equity has boosted its portfolio hotels business with an acquisition in Croydon.
Palatine, formerly known as Zeus Private Equity, set up Hallmark Hotels four years ago with a goal of buying underperforming three star hotels, investing and upgrading them to four-star status.
The latest property, Hallmark’s eighth acquisition, is the Aerodrome Hotel in Croydon and its first in the Greater London area.
Built in 1928 to serve the former airport in Croydon, the Aerodrome will receive a £2m upgrade and will be renamed Hallmark Croydon.
Gary Tipper, managing partner of Palatine said: “This latest acquisition is an excellent addition to the group and enhances our geographic coverage.
“Croydon is London’s largest borough, just 10 miles from central London, close to Crystal Palace and home to some of the world’s leading companies.
“The team will now undertake the rigorous renovation and operational improvement necessary to achieve the four-star standard and bring it into line with the rest of the group.”
Hallmark’s other hotels are located in Manchester, Carlisle, Bournemouth, Hull, Derby and Gloucester.
The deal was led by Gary Tipper and partnerr Ed Fazakerley. Bank of Ireland provided debt funding while Palatine and Hallmark were advised by law firm Shoosmiths.
