De Vere sells two hotels to fund growth of Village and Venues brands

23 April 2012 by
De Vere sells two hotels to fund growth of Village and Venues brands

The De Vere Group is selling two hotels to Britannia Hotels for around £20m. It has exchanged contracts on the five-star, 140-bedroom Royal Bath in Bournemouth (pictured) and the 192-bedroom De Vere Daresbury Park in Warrington.

De Vere is also negotiating the sale of two further hotels (the 173-bedroom Grand Harbour, Southampton, and the 119-bedroom University Arms, Cambridge) following a strategic review of the group, which last year achieved an annual turnover of £360m.

The sale of the properties will help fund the expansion of the De Vere Village brand, which is planning to add up to 18 hotels to the current portfolio of 25 hotels over the next five years, as well as the growth of the De Vere Venues brand, which operates 28 conference and training centres. The cash injection will also provide capital investment in some of the nine luxury properties which make up the De Vere Hotels brand.

De Vere Group's chief executive, Andrew Coppel, said he was pleased to have successfully sold the hotels in Bournemouth and Warrington. "The proceeds from our disposal programme will go towards funding a range of exciting development opportunities across the group, building a better De Vere and generating increased value for our stakeholders."

Britannia Hotels, which now owns 41 hotels across the UK, is currently on a buying spree, having acquired two hotels in Scarborough - the Royal and the Clifton, and the Ramada Hotel Leeds North earlier this year.

De Vere to sell five properties ahead of Village Hotels expansion >>

Britannia scoops up two Scarborough hotels out of administration >>

Dispute between Britannia Hotels and Manchester City Council escalates over fire station development >>

By Janet Harmer

E-mail your comments to Janet Harmer here.

If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to jobs

Looking for a new job? Find your next job here with jobs

Blogs on ]( Catch up with more news and gossip on all Caterer's blogs
[E-Newsletters]([ For the latest hospitality news, sign up for our E-newsletters
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking