AAIM set to buy 37 hotels

11 October 2007 by
AAIM set to buy 37 hotels

Commercial property fund AAIM is believed to be in exclusive talks with Queens Moat Houses (QMH) and Kew Green Hotels to acquire 37 hotels in two deals believed to be worth a combined £600m.

According to sources close to the deal talks are ongoing but are expected to conclude within the next two weeks.

QMH Hotels, formerly Moat House Hotels, is comprised of 12 Holiday Inns, three Crowne Plazas, three Best Westerns and one independent hotel: Cambridge Garden House.

The asking price for the portfolio is believed to be £400m.

Kew Green Hotels owns and operates 12 Holiday Inns, three Express by Holiday Inns and three Days Hotels. The package is worth close to £200m.

It is believed that AAIM was attracted to the bidding in order to get access to the Holiday Inn brand as well as widen their hotel portfolio across the UK.

AAIM, which facilitates commercial property investments for private investors including Sir Alex Ferguson, Simon Cowell and Sir David Frost, bought 279 pubs from Marston's in May.

AAIM, QMH Hotels or Kew Green were not available for comment.

AAIM set for push in UK pub market >>

AAim website >>

By Christopher Walton

E-mail your comments to Christopher Walton](mailto:christopher.walton@rbi.co.uk?subject=AAIM set to buy 37 hotels) here.

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