Bass plans to spend $108 million over the next three years to bring the hotels up to the standards of its Holiday Inns. Fifteen or so properties will not be kept because they aren't suitable for upgrading or are located near a Holiday Inn.

Bass chief executive Tim Clarke notes that this acquisition is important to the company because the UK is a major domestic market as well as the source of the third-largest of out-bound travelers. Headquartered in London, Bass owns, operates or franchises more than 3,000 hotels in nearly 100 countries and owns and manages over 2,000 restaurants.

Jones Lang LaSalle acted as property advisor to Bass. Commenting on the transaction, Arthur de Haast, managing director of Jones Lang, notes, "The EBITDA multiple of 6.2 times achieve by Bass represents an attractive multiple in this segment given the number of quality assets and strategic benefits that the portfolio offers to Bass."