Private equity investor Marathon Asset Management’s UK arm is selling a portfolio of 17 IHG and Hilton-branded hotels, priced just under £500m.
The firm has appointed CBRE to market the assets, managed by Valor Hospitality Europe and operated through various franchises. These include IHG’s Crowne Plaza and Hilton’s DoubleTree and Garden Inn brands.
The assets were all collectively valued between £450m and £500m.
The 17 hotels are:
- DoubleTree by Hilton, Chester
- DoubleTree by Hilton, Leeds
- DoubleTree by Hilton, Manchester
- Hilton Garden Inn, Birmingham
- Hilton Garden Inn, Bristol
- Hilton Garden Inn, Glasgow
- Crowne Plaza, Chester
- Crowne Plaza, Glasgow
- Crowne Plaza, Plymouth
- Crowne Plaza, Nottingham
- Crowne Plaza, Harrogate
- Crowne Plaza, Solihull
- Crowne Plaza, Stratford-Upon-Avon
- Holiday Inn, Peterborough
- AC Marriott, Birmingham
- AC Marriott, Manchester
- Hotel Indigo, Liverpool
The assets were initially acquired in 2014 and 2015. Eight of the hotels in the group are former Queens Moat Houses properties.
US-based Marathon had entered the UK market in 2014 when it bought 11 former QMH properties under the Holiday Inn, Crowne Plaza and Best Western brands for a reported £130m.
It had purchased these from Goldman Sachs, which previously bought the assets for £544m in 2004 through its Whitehall fund business.
During the same year it bought five former Mint hotels – in Manchester, Leeds, Bristol, Birmingham and Glasgow – for £160m from Blackstone.
In 2015 MCAP Global Finance, a UK subsidiary of Marathon, bought the Hotel Indigo in Liverpool from investment manager Downing, and two AC Marriott hotels in Birmingham and Manchester, from Shiva Hotels.
It also bought the 140-bedroom Doubletree hotel in Chester in 2015.
CBRE declined to comment. Both Valor and Marathon did not respond to requests for comment at the time of writing.
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