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Starboard Hotels acquires Derby's Riverlights Holiday Inn for £6m

18 December 2017 by
Starboard Hotels acquires Derby's Riverlights Holiday Inn for £6m

Starboard Hotels has acquired Derby's Riverlights Holiday Inn off a guide price of £6m, taking its portfolio to 15 sites.

The deal comes a month after the hotel group's acquisition of the 35-bedroom Windermere Manor hotel in the Lake District for £1.5m.

The 105-bedroom Holiday Inn Derby Riverlights was brought to the market by CBRE on behalf of Moorfield Group for offers in excess of £6m. The Riverlights development opened in 2010 but was sold to Moorfield Group for £16.5m in 2015 after the scheme's original owner, Derby Riverlights Developments, was placed into administration.

As part of the deal Starboard Hotels will also take two retail units on the development with a view to introducing its open lobby concept and expanding the hotel restaurant and bar.

Founder and managing director Paul Callingham said: "It has been a tremendous year of growth for Starboard and we are delighted to have made another important acquisition. We welcome the team from the Holiday Inn Derby into the Starboard ‘family' and we are looking forward to working with the general manager Carrie-Louise Holleran and her team."

Heiko Figge, head of hospitality at Moorfield Group, added: "We are pleased to have sold the popular Derby Riverlights Holiday Inn hotel to such an experienced and expert operator as Starboard and would like to thank the general manager and her team for having done such an outstanding job during our ownership of the property. The team has continually delivered the highest room occupancy in Derby and I am sure that the hotel will continue to flourish under Starboard's ownership."

This latest acquisition will be Starboard's sixth hotel under an IHG brand. It also operates hotels under brands including Best Western, Ibis and Days Inn.

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