The Caterer

Jarvis Hotels for sale at £200m

22 July 2005
Jarvis Hotels for sale at £200m

Jarvis Hotels confirmed rumours this week that it has been put up for sale by its owner, venture capital firm Lioncourt Capital.

The Irish property developer, which bought the 60-strong Jarvis chain only 18 months ago for £229m, is believed to be looking for offers in the region of £200m.

The drop in price is a result of the sale of its flagship property, the 377-bedroom Ramada Plaza Regents Park in London, earlier this year for about £60m.

It has also sold the Bear hotel in Hungerford, Berkshire, for £3m to Considered Hotels, and has put the Ramada Ye Olde Bell near Maidenhead, Berkshire, on the market last month with a price tag of between £8m and £10m.

Jarvis Hotels' chief executive Richard Thomason said: "We can confirm that Jarvis Hotels has received a number of unsolicited approaches for the company." He admitted the company was now evaluating its strategic options.

An industry insider said: "The fact that a company is able to go back to the market so shortly after the original transaction at a profit shows the extent to which the industry's buoyant financial circumstances are continuing to grow."

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