Topland, the private investment company, has continued its spending spree in the hotel sector with its acquisition of the eight-strong, family-run Feathers Group in the North-west of England.
As a result of the acquisition - comprising 726 bedrooms across properties in Manchester, Liverpool, Chester, Preston and Warrington - Topland will have spent £200m in 13 months purchasing 28 hotels. Further acquisitions are in the pipeline.
The group, which bought eight Hallmark hotels in July 2014 in a £75m deal following the acquisition of Menzies hotels in November 2013 for around £80m, also owns the five-AA-star Royal Crescent hotel in Bath.
Sol Zakay, executive chairman and chief executive of Topland, said he was "delighted" with what was an off market transaction. "Our intention is to invest further in our existing hotels to strengthen performance, and to deploy significant further capital in new opportunities to grow the portfolio."
Topland has a total portfolio of 38 hotels with 4,100 bedrooms. It owns and manages 29 hotels, employing 1,600 staff, as well as leasing nine hotels: six Thistle hotels (five in London and one in Edinburgh), the Hilton Glasgow, Hilton Brighton Metropole and the Ramada in Mill Hill.
Lionel Benjamin, director of hotels at Topland, described the Feathers Group is "a great addition" which will complement the Menzies and Hallmark acquisitions. "Our internal team are very hands on in day to day operations, with Bespoke operating as Topland's management arm.
"Our combined management expertise will continue to focus on driving revenue and exceeding EBITDA expectations across the portfolio to maximise value. The Feathers acquisition underpins Topland's long-term commercial strategy in the hotel sector."
Paul Feather, chairman of the Feathers Group, said that the company had been built up by his family over the last 60 years. "Although this is the end of an era for us, it is the start of an exciting new phase for the business under Topland's ownership and we wish them all the success for the future."
The Feathers' portfolio comprises the Queen hotel (pictured), Chester; Llyndir Hall hotel, near Chester; Westminster hotel, Chester; Leyland hotel, Preston; Fir Grove hotel, Warrington; Willow Bank hotel, Manchester; and the Feathers and Alicia hotels, Liverpool. All the properties are currently members of the Best Western consortium.