Fairview continues expansion with three hotel acquisitions
Hotel owner and operator Fairview Hotels has expanded its portfolio with the purchase of three hotels from Land Securities and AccorHotels.
The hotels comprise the 102-bedroom Ibis Cardiff City Centre, the 111-bedroom Ibis Rugby East and the 126-bedroom Novotel Newcastle Airport.
This deal is the second major acquisition for the group over the past six months, after acquiring four Novotel hotels from commercial property developer Land Securities and AccorHotels in December 2016.
London-based Fairview Hotels, owned by the Chatwani Brothers, now has a portfolio of 12 hotels, including seven Novotels, three Ibis's and two Mercures (London Bloomsbury and Letchworth Hall), totalling more than 1,300 rooms. All of the properties are owned and operated by the group under franchise agreements with AccorHotels.
The deal was brokered by CBRE and advised by Howard Kennedy, Hogan Lovells, CMS and DWF. Both HSBC and Coutts have supported Fairview Hotels on these acquisitions
While Fairview will now focus on the renovation and refurbishment of these properties and the integration into its existing portfolio, the group will continue to look for appropriate complementary acquisition opportunities in the hotel sector.
Neil Forbes, director of hotels at Fairview Hotels, said: "We are thrilled to be taking on these additional properties. We know and understand the Novotel and Ibis brands and believe they will be a great addition to our portfolio and further strengthen our relationship with AccorHotels."
Fairview Hotels snap up four Novotel properties >>
Fairview Hotels opens new banqueting centre in Ibis Stevenage >>
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