Fri, 16 Jul 2010 | BUSINESS SALE
Louvre Hotels is putting its 18-strong chain of UK Campanile hotels on the market, with a combined price tag of around £70 million.
The budget hotel operator – which runs two-star accommodation in nine European countries – is also looking to offload one Première Classe property as part of the sale. The deal would include a mixture of freehold and leasehold sites in locations including Cardiff, Glasgow, Birmingham, Liverpool and Manchester.
The hotels are being marketed with a management contract with Louvre Hotels under the Campanile brand. Investment advisory firm, Christie & Co, said it is a rare opportunity to bulk buy a whole group in just one transaction.
The current owners were inspired by the recent success of Travelodge's deal to acquire 52 Mitchells and Butlers hotels, which proved to be the biggest bulk sale transaction of hotels in the UK in more than ten years.
Christie & Co director, Jeremy Jones, said, "We anticipate a strong response reflecting the quality of the opportunity and the ability to keep growing one of Europe’s best known hotel brands."
The inclusion of the Première Classe hotel in the deal will see the company part with its only UK branch of the major French budget hotel branch. The Première Classe hotel only opened in Coventry earlier this year.
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