US firm snaps up Four Pillars Hotels

23 September 2007 by
US firm snaps up Four Pillars Hotels

Oxfordshire's Four Pillars Hotel group has been bought by US property investment company RREEF, the real estate investment arm of Deutsche Bank.

The deal, completed for an undisclosed fee but believed to be around £120m, sees RREEF taken on five three and four-star hotels in Oxfordshire and Gloucestershire.

A joint venture will now be established between RREEF and the four original founding shareholders of Four Pillars to identify and build further sites to operate under the Four Pillars banner.

Alistair Dixon, chief executive officer for real estate opportunity funds at RREEF, said: "We are delighted to be making our first steps into this segment of the UK hospitality market sector through an investment that will take advantage of the UK's steady economic growth."

Under the terms of the agreement, Four Pillars Hotels' founding director Brian Murtagh and existing CEO Charles Holmes will retain an equity position in the hotel group.

Holmes said: "This is a wonderful opportunity for Four Pillars Hotels to grow its portfolio and develop its employees at all levels."

Property firm Christie & Co acted as agent.

Four Pillars company profile >>

Four Pillars Hotels website >>

By Christopher Walton

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