QHotels Group Acquires Marston Hotels
Leeds based QHotels Group has acquired of Marston Hotels Ltd in a lb180 mil deal.
NOVEMBER 16, 2006. Marston Hotels, winners of AA Hotel Group of the Year in 2002, is an independent hotel chain with 12 luxury hotels; the purchase of the group sees QHotels portfolio literally grow overnight from 9 hotels to a total of 21.
QHotels Group was formed in 2003 by Michael Purtill, Ian Goulding, and David Taylor, in partnership with investment company Alchemy Partners. In less than 3 years the initial 3 flagship hotels that included The Midland in Manchester, The Queens in Leeds and Chesford Grange in Warwick, quickly expanded to 9 prestigious 4-star deluxe hotels around the UK. The acquisition of Marston Hotels, the transaction of which was advised by Jones Lang LaSalle Hotels, is the next stage of QHotels planned investment and growth in the hotel industry.
Michael Purtill, Managing Director of QHotels says, "This is an exciting time for us; Marston is a highly reputable hotel chain with properties situated in key strategic locations across the UK. The 12 hotels are already well established in their own right and we recognise they have many qualities that they can bring to QHotels, one area in particular being a very strong health & leisure brand 'Reflections, which is something we are keen to develop and share across the group'"
Michael adds, "This acquisition is an excellent progression for us as a group; it will enhance the strength of QHotels in the market and with the additional hotels presenting an extra 1200 bedrooms, there will be added benefits for our customers, offering more choice of both facilities and locations."
QHotels have already invested over lb65 million in refurbishing their existing 9 hotels. They expect to reveal a major investment and development plan for the newly extended QHotels Group in the new year.
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