LONDON—The recently formed St. James's Hotel Group Limited is the new owner of a group of 14 hotels across England that it has purchased from Forestdale Hotels Limited.
The 14 properties are unbranded three star hotels well situated in strongly performing locations, such as Bath, Cambridge, Bristol, and Winchester, the New Forest and the Cotswolds. The group employs 600 people and has annual revenue of around $30 million (£18M). St. James said in a release that the hotels have “suffered from a prolonged period of under-investment with Forestdale struggling to service a large debt burden” and recently went into foreclosure administration. The firm will work to reverse that momentum.
“St James's Hotels has the financial strength and the development capability required to invest in the estate and to improve the quality of the portfolio,” the release stated. St. James' was formed recently by Somerston Group of London, a 160-year-old private, diversified European investment group.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
