Bass to buy US hotel group
29 February 2000
Bass is to buy 112-strong US group Bristol Hotels & Resorts for $157m.
It already holds a 9.9% stake in the US company, but has now agreed to buy the remainder of Bristol's shares.
Bristol runs 59 hotels under the Holiday Inn brand name, 18 under the Crown Plaza name, six under Holiday Inn Express and 29 other hotels. It leases 100 of the properties from FelCor Lodging, the real estate investment trust.
In the year to December 1999, Bristol's profit before tax was $13.6m.
Thomas Oliver, chairman and chief executive of Bass Hotels & Resorts, said: "This acquisition further strengthens the hotel management and sales capabilities of Bass in the North American market."
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