JER Partners has announced the acquisition of the Express by Holiday Inn Stevenage to add to its Morethanhotels portfolio. The 129-room hotel, which is located in Stevenage town center, occupies five floors and is well located for rail links to London and Cambridge and road links via the A1.
The Morethanhotels portfolio, which was acquired by JER in October 2007, already operates 11 Express by Holiday Inn hotels in England. The acquisition of Stevenage will bring the total number of rooms in the group's portfolio to 1,399.
Clifford Grauers, Chief Executive Officer, Morethanhotels commented: "The Stevenage site represents an attractive addition to the Morethanhotels group due to its South-East location and the success of the Express brand. We are confident about the synergy and cost-saving opportunities, as well as the potential for increased occupancy."
Malcolm Le May, President, JER Partners added: "We have ambitious plans to grow the company and this acquisition demonstrates our continued commitment to the budget hotel segment of the market."
Morethanhotels also operates properties in Bradford, Birmingham NEC, Bristol, Gloucester South, Lichfield, London-Wandsworth, Manchester, Newcastle MetroCentre, Peterborough, Stafford and Southampton West.
Debt was arranged by RBS and provided by Abbey and Allied Irish.
Source: Headland Consultancy