Billionaire chemicals boss Sir Jim Ratcliffe has sold his 50% stake in the Pig Hotels group to a US private equity firm.
KSL Capital Partners has refinanced the £35m of debt the billionaire had supplied to finance new properties.
Home Grown Hotels, which owns eight Pig Hotels, was founded in 2011 by Ratcliffe and Robin Hutson, who established the Hotel du Vin chain, which was later also owned by KSL. Hutson will retain part of his 30% stake in Pig Hotels and will remain chairman.
The hotelier said that, with KSL’s backing, he was in advanced negotiations on two properties, one in Suffolk and one on the Kent-Sussex border. Pig Hotels is forecast to achieve turnover of £48m this year.
Its eight hotels, all historic buildings with about 30 rooms, are in locations including Bath, the New Forest and near Padstow, Cornwall.
The acquisition does not include two other hotels owned by Ratcliffe: Lime Wood in the New Forest and Le Portetta, a skiing retreat in Courchevel.
