Property investment business Redefine International has submitted a proposal to increase its shareholding in hotel and leisure property investment company International Hotel Properties (IHL).
Redefine International intends to increase its current shareholding in IHL from 17.2% to 50% by acquiring shares from minority shareholders.
The IHL portfolio comprises nine UK hotels valued at £104.4m, four of which are let on long term leases to Travelodge. The remaining five hotels, valued at £75.4m, will be managed by Redefine International's associate, Redefine BDL Hotel Group. Four of the hotels are franchised to Holiday Inn Express and one to Hampton by Hilton.
Mike Watters, chief executive of Redefine International, said: "This is an opportunistic acquisition which increases the company's ownership in a high-quality and high yielding hotel portfolio to 50% and increases our exposure to the strong UK hotel market, whilst increasing our exposure to RPI-linked leases."
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