Zeus PE in Yorkshire hotel swoop
A YORKSHIRE hotel, which had been placed in administration, is set to be transformed after being bought in a deal backed by Manchester’s Zeus Private Equity.
Hallmark Hotels, which Zeus established in 2007, has bought The Hotel Elizabeth in Hull.
Hallmark was set up with the aim of acquiring underperforming three-star hotels and converting them into four-star luxury hotels.
The acquisition of The Hotel Elizabeth is the sixth to be completed by the group, which operates hotels in Manchester, Derby, Bournemouth and Carlisle.
The Elizabeth, which will be known as the Hallmark Hotel Hull, will undergo extensive refurbishment and programme of improvements.
The £3m renovation will transform the hotel’s 95 bedrooms, restaurant, bar and eight conference suites to match Hallmark Hotels’ boutique-style décor.
Gary Tipper, managing partner at Zeus Private Equity, said: “Alongside our continued investment to support the acquisition and development of existing hotels, the management team at Hallmark Hotels has developed a leading brand of boutique-style properties.
“Following a rigorous renovation programme, The Hallmark Hotel Hull will make a valuable addition to the group’s portfolio and enhance its geographic coverage.
Ed Fazakerley and Gary Tipper led the transaction for Zeus Private Equity. A team from NatWest, led by Alan Maybury, provided debt finance.
Legal advice to Zeus and Hallmark Hotels Group was provided by Mark Dawson and Alex Laver at Halliwells in Manchester.
