UK group Hallmark Hotels will forge ahead with plans to expand this year despite the recession, according to its managing director and founder Arnold Schnegg.
The group, which was formed in 2007 and is funded by private equity firm Zeus, currently owns four four-star hotels, in Carlisle, Manchester, Derby and Bournemouth. Schnegg said he planned to acquire another three properties this year: in Bath, Bristol and Cheltenham.
Schnegg said Hallmark's business model, based around converting existing three-star hotels into four-star properties aimed at corporate clients, made the company well placed to expand, adding that funding was in place to acquire more properties.
"We will finish the refurbishments on our properties in Carlisle and Bournemouth in three to four weeks and then we'll look at acquiring three hotels in Bath, Bristol and Cheltenham," he told Caterer. "We have a solid business model in place, and we definitely want to grow."
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