Fladgate LLP has advised on two high profile hotel deals:
- The acquisition of five ibis hotels by Starboard Hotels Limited, as part of a €32m portfolio sale by Accor.
- The sale of Chapel Street Hotel in Liverpool, part of the Hotel Indigo brand of hotels, to an international asset management company.
Hotel developer and operator Starboard Hotels has purchased five ibis hotels from Hotellnvest parent company Accor, as part of a €32m portfolio sale of seven properties. The five hotels, in Gatwick, Plymouth, Birmingham Bordesley Circus, Sheffield and Leicester will be operated by Starboard under the Ibis franchise for a further 20 years as part of the agreement.
Commenting on the transaction, Starboard Hotels’ managing director, Paul Callingham, said: “These five hotels provided us with a great opportunity to double the size of our portfolio and take on a group of established properties that have excellent trading records and great people. With our operating and development experience we will build on this to take the hotels to the next level”.
In a separate transaction, Chapel Street Hotel in Liverpool, a Hotel Indigo branded hotel, was sold by investment managers Downing LLP to a buyer controlled by Marathon Asset Management. Earlier in the year, Fladgate also advised Downing on the sale of the DoubleTree in Chester to the same buyer.
The Fladgate team for Starboard Hotels was led by corporate partners Julian Lewis and Ella Leonard, assisted by banking partner Luke Morris, real estate senior associate Gavin Whitney and corporate associate Adrian Mawlabaux.
The Fladgate team for Chapel Street was led by corporate partner Julian Lewis, assisted by tax partner Hamilton Forrest, IP partner Eddie Powell, corporate senior associate Melissa Needham, corporate associate David Baverstock and real estate partner Matthew Williams.