Friendly Hotels is to buy out British Land in their joint venture in seven hotels for £2.9m. They took a 50% stake each in Friendly Lodges in 1986 to develop hotels managed by Friendly.
Friendly reported annual pre-tax profits of £4.47m compared with a loss of £6.26m the previous year.
It is to develop 10 new hotels over five years under two of Choice’s main brands – Comfort and Quality. The number of hotels owned or operated rose from 47 to 56 last year. It expects to achieve within the next three to five years its 10-year target of owning or operating 85 hotels.
- Financial Times 11/04/97 page 25
- The Times 11/04/97 page 26
- The Daily Telegraph 11/04/97 page 35
- The Independent 11/04/97 page 26 (The Investment Column)
