Dawnay Shore Hotels has added three four-star hotels to its Paramount Hotel Group portfolio…
Dawnay Shore Hotels has added three four-star hotels to its Paramount Hotel Group portfolio . The three hotels, formerly part of Hanover International, have been bought for a total of £57 million and will bring the number of properties in the Paramount chain to 16.
The acquisition is due to complete in January 2005.
Located in Basingstoke (pictured), Hinckley and Daventry, and with a total of 587 rooms, the properties are of a similar character to Paramount’s existing hotels in having large banqueting and conference facilities, as well as health and leisure clubs.
Charles Prew, chief executive of Paramount Group of Hotels and Dawnay, Day Hotel Management Limited, said: “We are delighted to be acquiring three further four-star regional hotels which are highly complementary to our existing hotel portfolio both in geographical terms and business mix. We remain convinced that the four-star regional hotel sector offers exciting opportunities, and this latest move demonstrates our intention of developing this attractive niche to build a major chain.”
Prew is particularly familiar with the hotels being acquired, and more importantly their potential, as he was formerly managing director of the vendor group.
The group plans to inject around £4.6 million into the properties to ensure they are the most exclusive four-star hotels in their areas.
Dawnay Shore Hotels plc, a company established by Dawnay, Day and Shore Capital, acquired the Paramount chain of British regional 4-star hotels, with extensive banqueting, conference and leisure facilities, in July 2004 for £215 million. At the time of the original acquisition, the directors envisaged making other, complementary, acquisitions in the sector.
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