Sir David Michels buys two Midland hotels
A fund headed by Sir David Michels (pictured), former chief executive of Hilton, has acquired the Abbey hotel in Redditch, Worcestershire, and the Lea Marston hotel in Sutton Coldfield, Warwickshire, for an undisclosed sum off a guide price of £23m.
The two hotels have been sold by the Blake family, operating as RSM Leisure, who are now retiring after owning the properties for more than 25 years.
Sir David will now add the hotels to the four-AA-star, 152-bedroom Cheltenham Park hotel, which he acquired in 2015 off a guide price of £8m, a year after he announced that he was launching a £200m fund to target hotel investments in the UK and mainland Europe. Cheltenham Park was rebranded as the Doubletree by Hilton Cheltenham last year.
Gavin Wright, director, JLL, said: "This was an exceptional opportunity to acquire a portfolio of award winning four-star purpose-built hotels in central England. We are pleased to have secured new owners for both hotels following the owners plan to retire after 25 years of ownership.
"The interest is reflective of the current significant demand from both domestic and overseas buyers seeking good quality regional hotels".
Michels & Taylor, the hotel management and advisory company run by Sir David and Hugh Taylor, will operate the two hotels.
Two four-AA-star Midlands hotels on sale for £23m >>
Cheltenham Park hotel snapped up by Sir David Michels >>
Sir David Michels launches £200m hotel fund >>
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