St James’s Hotel Group Limited is pleased to announce that it has completed the acquisition of 14 hotels across England from Forestdale Hotels Limited (in administration).The 14 hotels are unbranded three star hotels well situated in strongly performing locations, such as Bath, Cambridge, Bristol, and Winchester, the New Forest and the Cotswolds. The Group employs 600 people and has annual revenue of around £18 million.
The hotels have suffered from a prolonged period of under-investment with Forestdale struggling to service a large debt burden and recently went into administration. St James’s Hotels has the financial strength and the development capability required to invest in the estate and to improve the quality of the portfolio.
Shaun Robinson, managing director of St James’s Hotels, said: “We are very excited to have acquired this portfolio and while it will require significant investment in both time and money, we believe we are well placed to maximise the potential of these well located properties. This is the first of a series of acquisitions that we hope to make for St. James’s Hotels.”
