Tue, 22 Feb 2022 | BUSINESS SALE
Atlas Hotels has continued its acquisitive activity with a deal for the Chardon Group of six hotels across Scotland. The deal was completed for an undisclosed sum and was supported by Atlas’ affiliate L+R Hotels.
The portfolio covers six hotels, including Holiday Inn Express sites in Glasgow city centre, Edinburgh Airport and Royal Mile, Dunfermline and Perth. The deal brings Atlas’ UK total up to 60 sites with the 569 rooms across the hotels taking the group to over 7,400 bedrooms in the UK.
Atlas was acquired by L+R Hotels in 2016, at which point it had 47 UK hotels. With L+R’s support, Atlas has opened or acquired ten hotels within the last two years. L+R has said it has earmarked more than £200 million to further expand Atlas, with acquisition, conversion and development opportunities being actively sought.
Atlas Hotels CEO Sean Lowe said: "Our decision to acquire the Chardon hotels reflects our ambitious growth strategy to become the leading multi-brand platform for Select Service hotels in the UK, and we are excited to welcome the teams into the wider Atlas family.”
"Despite the tough challenges of trading through the pandemic, our portfolio has remained cash positive, demonstrating the resilience of this sector. Our operating model has allowed us to quickly integrate new assets and provide a stable platform for recovery and growth. Supported by L+R Hotels, we were able to provide an efficient exit route to Chardon's successful owners."
L+R Hotels Managing Director Desmond Taljaard added: “ We have earmarked over £200 million to expand Atlas Hotels. We are actively seeking to add existing hotels, along with conversion and development opportunities.”
“We want to be the easiest buyer to deal with, as we seek to grow this key sector for L+R Hotels. Working with Atlas’ management team enables us to underwrite, transact and integrate new hotels very efficiently.”
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