Topland, the private investment company, have continued their trend of acquisitions in the hotel and hospitality sector by purchasing the Liverpool-based Feathers Hotel Group, taking ownership of their portfolio of eight luxury hotels across the North West region.
Throughout 2014, Topland spent around £200 million in the purchase of 29 hotels, with recent deals meaning that the group now employ 1,600 staff.
Topland bought Menzies hotels in November 2013 for £80 million, followed by the acquisition of eight Hallmark hotels for £75 million by July 2014.
This takeover contributes almost 730 bedrooms in properties across Liverpool, Chester, Manchester, Preston, and Warrington to Topland’s already impressive portfolio.
Executive chairman and chief executive of Tolpand, Sol Zakay, said:
“I am delighted with the addition of The Feathers portfolio to Topland’s hotel platform in a strategic off market transaction which enhances our impressive track record.
“Our intention is to invest further in our existing hotels to strengthen performance, and to deploy significant further capital in new opportunities to grow the portfolio.”
All Feathers’ hotels operate under the Best Western brand, and comprises the Feathers and Alicia hotels in Liverpool, the Queen Hotel and Westminster Hotel, Chester; Llyndir Hall Hotel & Spa, Wrexham; Leyland Hotel, Preston; Fir Grove hotel, Warrington; and the Willow Bank hotel, Manchester.
Chairman of Feathers, Paul Feather, said:
“The Feathers Hotel Group is a family run business that has been built up by my family and management team over the last 60 years.
“Although this is the end of an era for us, it is the start of an exciting new phase for the business under Topland’s ownership and we wish them all the success for the future.”
Topland also hold the five-star Royal Crescent hotel in Bath, and lease a further nine hotels.
Director of hotels at Topland, Lionel Benjamin, said:
“Our internal team are very hands on in day to day operations, with Bespoke operating as Topland’s management arm.
“Our combined management expertise will continue to focus on driving revenue and exceeding EBITDA expectations across the portfolio to maximise value. The Feathers acquisition underpins Topland’s long-term commercial strategy in the hotel sector.”
Paul Feather was advised in the deal by Brabners and Deloitte, while Topland was advised by Dentons and BDO.
Words: Peter Cribley