Details of UK's first hotel REIT unveiled
Details of Vector Hospitality, the UK's first hotel Real Estate Investment Trust (REIT), have been officially revealed.
The company plans to list on the London Stock Exchange next month with a £2.6b property portfolio managed by some of the best know brands in hospitality.
As previously reported in Caterer, it will have the considerable experience of property magnate Richard Balfour-Lynn and ex-Hilton Group boss Sir David Michels to draw on.
Assets owned by Vector will include those operated by well known brands Hilton, Marriott, Rezidor, Thistle Guoman, Malmaison, Hotel du Vin, De Vere and Village Hotels and Leisure.
Vector's chairman will be Simon Duffy a former chief financial officer for mobile phone operator Orange and currently chairman of online auction site QXL Ricardo and internet marketing companies owner iMedia Holdings.
Corporate backers include Bank of Scotland Corporate and Royal Bank of Scotland.
Richard Balfour-Lynn, non-executive director of Vector, said: "The introduction of REITs in the UK offers a compelling opportunity to create a substantial dedicated hospitality company."
"The benefits of the tax-efficient REIT structure and the emphasis on distribution of profits to shareholders are well suited to the company's stable and growing income profile," he added.
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By Chris Druce
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