The Zakay brothers’ Topland Group has sold its Hallmark Hotels business to a consortium of overseas investors for around €290.6m (£250m). The portfolio of 26 hotels was purchased by an Israeli investment fund working with LGH Hotels Management. Topland bought the luxury four-star hotels in 2014 for circa €87.2m (£75m), taking the company’s portfolio to 30 hotels across the UK.
Hallmark comprised eight four-star hotels – 730 rooms, with 600 employees across the UK including Croydon, Manchester and Gloucester. Its hotel business includes Bath’s Royal Crescent Hotel, the Brighton Metropole, the Glasgow Hilton and a portfolio of Thistle Hotels.
In a statement, Topland, which is run in the UK by Sol Zakay, said it was ‘actively looking for new opportunities on individual or portfolio hotel acquisitions, hotel development, hotel financing and hotel joint ventures as well as to expand the current portfolio of Hilton and Thistle Hotels.’