Fri, 08 Apr 2022 | BUSINESS SALE
Tristan Capital Partners has acquired a majority shareholding in the Point A Hotels group in a deal worth £420 million. The deal sees Tristan fund European Property Investors Special Opportunities 6 (EPISO 6) take on a majority share in Point A owner Raag Hotels.
Through the acquisition, the Wellcome Trust will make a full exit from Point A, while existing shareholders will remain as minority partners. Post-acquisition, minority shareholder Queensway will provide significant equity as co-investor, while serving as hotel operator, asset manager and development partner for future Point A hotels, with the new owners targeting acquisitive growth.
Currently, Point A’s portfolio consists of 10 independent budget boutique hotels with 1,520 rooms, 80 per cent of which are located in London. In partnership with Queensway, Tristan Capital Partners plans significant investment in the next phase of Point A’s growth, with a medium-term aim of doubling the size of its portfolio through multiple acquisitions each year.
Tristan Capital Partners Executive Director, Investments, Kristian Smyth, commented: “The acquisition of this hotel platform reflects our wider hotel strategy of partnering with best-in-class operators in market segments that are resilient to market volatility with substantial growth potential.”
“All the hotels are strategically situated in city centres within vibrant neighbourhoods, close to demand generators including business districts, tourist attractions and event venues.”
“Our ambition is to materially grow the platform in the UK and Ireland alongside the Queensway team with two to three acquisitions per year with the objective of doubling the portfolio in the medium term.”
Queensway CEO Naushad Jivraj added: “We are delighted to form this new partnership with Tristan Capital Partners’ fund to continue to significantly grow the Point A platform to provide consumers with a budget boutique offering, in great city centre locations with personal and memorable service.”
With the market ripe for consolidation post-COVID, read more about how M&A is poised to accelerate in the UK hotel sector.
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