Eton Group for sale for £63m

13 September 2010 by
Eton Group for sale for £63m

Buyers are being sought for The Eton Group's portfolio of five boutique and townhouse hotels, following the company going into administration in June.

The properties include three London hotels - the Academy, the Colonnade and Threadneedles - as well as Quebecs in Leeds and the Glasshouse in Edinburgh. Together, they offer 271 bedrooms.

Marketed by CBRE Hotels, the properties can be sold individually, as sub groups or a group. The asking price for the group as a whole is £63m.

All the hotels are continuing to trade and are performing well while in administration, operated by KPMG. For the year to June 2010, business levels for all the properties exceeded the same period in 2009.

Craig Millward, director of CBRE Hotels, said he expected there to be significant interest in the group. "This is an excellent opportunity to acquire the hotels unencumbered, therefore offering a new owner flexibility in regard to integrating them into an existing group and in regard to rebranding," he added.

The Eton Group was sold by Peter Tyrie, the founder of the company, in August 2007 for £70m to JJW Hotels & Resorts, owned by Mohamed Bin Issa Al Jaber. Tyrie initially stayed with the group to help integrate the hotels into the new business before leaving in October 2009.

JJW buys the Eton Collection >>

Eton Collection keeps rates firm as bookings fall >>

Eton Collection founder Peter Tyrie to set up new hotel business >>

By Janet Harmer

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