Company invests £50m in new hotels

By Emma Eversham

- Last updated on GMT

Related tags: Property, Hotel, Finance

North West company secures funding to build new chain of mid-market hotels across the UK

A newly-formed hotel group is defying talk of an economic slowdown and has announced it is investing £50m in the development of a small chain of mid-market hotels. 

The North West-based company, which is yet to agree a name, has instructed licensed property agent GA Select​ to find up to 10 hotels across the UK that can be renovated and re-branded .

"Ideally they are looking for between 70 to 120 bedroom hotels that have probably been in private ownership and grown organically but need bringing up-to-date," said GA Select Commercial Director Simon Kershaw.

Four sites have already been found by the agents who are now on the look out for another six. The new chain will have a contemporary design with each one also providing food in a modern brasserie. The aim is to cater for business and leisure guests looking to stay somewhere with more individuality.

Kershaw said: "The three to four star market seems to be trading very strongly still. I think people are getting fed up of staying in the sort of hotel where you could be anywhere in the world. This group has a very clear business plan and it is made up of ex-directors and operators of companies who have had experience of opening hotels before.

"They have already secured four sites so are well on their way. This is rather exciting and I think will really take off."

Related topics: Business

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