Von Essen, the luxury hotel group owned by secretive British businessman Andrew Davies, is planning significant expansion over the next three years.
The group, which launched in 1997 with just one hotel, currently has a property portfolio comprising 17 luxury country house hotels with an asset value of £131m.
Operations director Nicholas Romano said the group would revalue its assets this year and expected to add around a £100m to the value.
He added that the group also had plans to expand its portfolio in the UK to 25 hotels over the next three years.
“What we buy has got to be a big hunk of property with large grounds,” said Romano. “It’s got to be serious real estate. You’ve got to start with the right canvas and then you can get the expertise in for staffing. The first concern is always property and real estate.”
Von Essen buys classic British county houses such as Cliveden in Taplow, Berkshire, and The Royal Crescent in Bath.
The group, which has a war chest of about £200m, is also targeting two hotels in London, one of which is understood to be The Lanesborough on Hyde Park Corner, which Romano said the group hoped to acquire within the next 12 months.
The group revealed its plans following the publication of its financial results for the 12 months to 30 June 2004.
During the period, operating profit more than doubled to reach £13.3m (2003: £5.8m), while the addition of six new hotels boosted turnover to £42.2m (2003: £21m).
References: EGi News 21/01/05
