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Pedersen to buy two hotels from Hanover International

13 October 2004 by
Pedersen to buy two hotels from Hanover International

Privately owned hotel and restaurant group Pedersen is continuing its rapid expansion with the purchase of two Hanover International hotels. The group is understood to be buying the 156-bedroom Hanover International Hotel & Club in Cardiff and another hotel from the group.

Neil Muir, operations director at Pedersen Group, would not comment on details of the purchase, but added that no deal had been completed yet.

"We have been in discussions with Hanover about the possible acquisition of additional properties," he said.

Hanover officially put six of its hotels up for sale in December last year with a combined price tag of about £28m. It has currently sold its 50-bedroom hotel in Dunstable, Bedfordshire, and is close to finalising a deal on its 60-bedroom hotel in Harpenden, Hertfordshire.

Earlier this year, Pedersen tripled its hotel portfolio by buying four Queens Moat Houses (QMH) properties for more than £40m. The group was also in the running to buy the entire UK portfolio of QMH, but lost out to investment bank Goldman Sachs.

Source: Caterer & Hotelkeeper magazine, 14 October 2004

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