Tuesday, 13 January 2015
Topland acquires Feathers portfolio and has now spent €255 mln on hotels in last 13 months (UK)
Topland has exchanged contracts to acquire The Feathers Group, a portfolio of eight hotels with 726 bedrooms across North West England, including hotels in Liverpool, Chester, Preston and Manchester.
The acquisition which is due to complete later this month is the latest in a bold investment strategy to expand its growing leisure division through owning and operating regional hotels. Topland has now spent £200 mln (€255 mln) in 13 months acquiring 28 hotels and has more acquisitions in the pipeline.
Sol Zakay, Topland’s Executive Chairman and CEO said: “I am delighted with the addition of The Feathers portfolio to Topland’s hotel platform in a strategic off market transaction which enhances our impressive track record. 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.”
To achieve longer term value, the company’s stated strategy includes significant capital investment to ensure the hotels will outperform their rivals, whilst benefitting from efficiencies brought about through the growing portfolio. Topland adopts a very granular approach to hotel asset management as it does across all its investments. The senior leadership team is closely involved in the strategy of the hotel portfolio, influencing real estate development and planning opportunities.
Paul Feather, Feathers’ Chairman and owner, said: “The Feathers Hotel Group is a family run business that has been built up by my family and management team 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.”
Paul Feather was advised by Mark Rathbone at the solicitors Brabners, Manchester and the corporate finance team at Deloitte, Nottingham.
Topland were advised by Dentons and BDO.