Akkeron Hotels rescues 10 hotels out of administration
Akkeron Hotels Group has bought 10 hotels, previously operated by Butterfly Hotels and Crowne Hotels, out of administration.
The acquisition - funded by existing resources and a new 15-year credit facility - increases the number of regional UK hotels within Akkeron to 36.
The hotels include three-star and budget properties trading under the Best Western, Ramada and Holiday Inn Express brands, and involve a mix of leasehold, freehold and operating management agreements. Together they employ over 200 people with a combined annual turnover of around £10m.
Akkeron intends to invest in people, training and systems in order to improve the service level at the hotels.
Matthew Welbourne, managing director of Akkeron Hotels, said that the Butterfly acquisition provides a third dimension to the business. "Our strategy is to develop our third party branded business, alongside our own four-star brand (Akkeron Hotels) and leisure brand (Forestdale).
"Butterfly was an unfortunate victim of the recession, but I am pleased that we are able to bring the hotels out of administration, thereby safeguarding hundreds of jobs as well as the interest of other key stakeholders. I am delighted to welcome our new colleagues to the group and I look forward to working with them in the development of a best in class UK hotel business."
Set up in 2008 by James Brent, who was previously global head of real estate and lodging investment banking at Citigroup, Akkeron intends to build up a company of up to 150 regional thee and four staff hotels.
Akkeron now employs 1,630 staff and with a combined annual turnover of around £57m.
The new acquisitions include: Holiday Inn Express Banbury, Holiday Inn Express Castle Bromwich, Birmingham, Ramada Bury St Edmunds, Ramada Colchester, Best Western Rockingham Forest, Corby, Best Western Himley Hotel, Dudley, Holiday Inn Express Kettering, Ramada Kings Lynn, Ramada Peterborough and Ramada Cromwell, Stevenage.
Akkeron Hotels Group acquires Foresdale Hotels >>
Akkeron formed after Folio Hotels portfolio is split >>
By Janet Harmer
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