Peel sets out on acquisition trail again

Peel Hotels is seeking its third owned hotel after revealing first-year results which showed pre-tax profits of £754,264.

Chairman Robert Peel declined to give details but said that he has been looking at a number of properties and said he is "definitely" interested in London.

"We will buy as and when we can make a really good return," he said.

It is understood that Peel may be eyeing some of Thistle's remaining three-star properties in London such as the 95-bedroom Bloomsbury Park, the 211-bedroom London Ryan and the Charles Dickens, which has 188 bedrooms.

Peel Hotels, which owns the Bull hotel in Peterborough and the Midland hotel in Bradford and has the management contract for 29 former Thistle hotels, reported turnover of £3.3m in its first year of trading. The management contract, which began in September, contributed £320,000 to turnover.