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Starwood lines up for De Vere

04 May 2006
Starwood lines up for De Vere

Starwood Capital, the private equity company set up by the founder of Starwood Hotels and Resorts, is the latest name to be linked to a potential takeover of De Vere Hotels and Resorts.

De Vere confirmed in late March that it had received a preliminary approach from a possible buyer. The group operates 19 four- and five-star hotels in the UK under the De Vere and Village Leisure brands.

Starwood Capital boosted its hotel portfolio last year with the acquisition of 32 Le Meridien hotels and leading European hotel businesses Groupe Taittinger and Société du Louvre.

Other names linked to interest in De Vere include US private equity group Blackstone, Spanish hotels giant NH Hoteles, and Travelodge owner Permira (in concert with the Royal Bank of Scotland).

"It's a well-run business with a nice portfolio of brands," said Peter Joseph, analyst at KBC Peel Hunt. "People might want it for the expertise, the assets or those brands."

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