Starboard buys five UK ibis hotels
Hotel developer and operator Starboard Hotels has bought five ibis UK hotels from HotelInvest parent company Accor, as part of a €32m portfolio sale of seven properties.
The five hotels, in Gatwick, Plymouth, Birmingham Bordesley Circus, Sheffield, and Leicester, total 469 bedrooms, will be operated by Starboard under the ibis franchise for a further 20 years as part of the agreement.
Following the acquisition, Starboard will undertake a multi-million pound refurbishment programme.
Starboard Hotels’ managing director, Paul Callingham, said: “These five hotels provided us with a great opportunity to double the size of our portfolio and take on a group of established properties that have excellent trading records and great people. With our operating and development experience we will build on this to take the hotels to the next level.
“We look forward to working in partnership with Accor to operate the hotels successfully for many years to come. We have had a busy first half of 2015 and we continue to look for strategic growth through the acquisition of trading hotels in the UK.”
Under the terms of the deal, all existing teams at the hotels will be transferred under TUPE to become part of the Starboard Hotels group.
This latest acquisition represents the third purchase for Starboard Hotels in 2015, following the purchase of the Best Western Blackpool and Holiday Inn Express Greenock earlier in the year. It takes the Starboard portfolio to 10 properties across four brands and a total of just under 1,000 bedrooms.
HotelInvest, and its hotel owner and investor business, Accor have undertaken the sale and franchise-back of the seven hotels for €32.6m, along with a commitment from the buyers to carry out €5.2m worth of renovations. The hotels were originally acquired by Accor in December as part of its acquisition of the Tritax portfolio.
John Ozinga, Chief Operating Officer of HotelInvest, said: "Through these deals, HotelInvest is pursuing its strategy in the United Kingdom – a key market for the Group. These are important destinations served well by the ibis and ibis budget brands and we are delighted to be working with such high quality, long-term partners.”