The deal, which is due to complete at the end of this month, will take Topland's hotel portfolio to 38 following its purchase of the eight-strong Hallmark hotels group last July and is part of its plan to build a £1bn hotel business.
Sol Zakay, Topland’s executive chairman and chief executive, 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.”
Hotels within the family-run North West-based Feathers Hotel Group include the Best Western Queen Hotel in Chester and the Llyndir Hall Hotel & Spa in North Wales. All staff currently employed by The Feathers Hotel Group will remain employed following the sale.
Paul Feather, Feathers’ chairman and owner, 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.”
Acquiring The Feathers takes Topland's hotel spend up to £200m in the last 13 months and it now employs more than 1,600 staff.
The company, which also leases five hotels to Thistle, two to Hilton and one to Ramada, plans to invest further in its estate, including upgrades to rooms and facilities to better compete with rival companies it said.
Topland's director of hotels, Lionel Benjamin, said: “The Feathers Group is a great addition, complementing the Menzies and Hallmark acquisitions, and enhancing the growth of our hotel portfolio. 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.”
Topland, which also has investments in commercial and residential properties, will continue to look for individual hotels and groups over the year, a spokesman told BigHospitality.
Paul Feather was advised by Mark Rathbone at the solicitors Brabners, Manchester and the corporate finance team at Deloitte, Nottingham. Topland were advised by Dentons and BDO.