Zetland Capital Partners has announced it has agreed to acquire the 338-bedroom Macdonald Manchester Hotel and the 156-bedroom Macdonald Holyrood Hotel from Macdonald Hotels & Resorts.
Ahmed Hamdani, Managing Partner at Zetland Capital Partners LLP, said: “We are delighted to have acquired these two very well-located hotels in prime UK cities. Our strategy is to provide significant investment to refurbish and reposition these hotels. This acquisition aligns with our investment strategy to purchase and invest in well-located hotels across the UK, where we can materially enhance the product offering and benefit from the recovery of demand in the UK’s key cities.”
Zetland was advised by Westfort Advisors, who acted as the sole arranger of an acquisition and Capex facility, underwritten by Starwood European Finance Partners.
The financing will facilitate the repositioning of the hotels through a comprehensive Capex programme, driving a growth business plan to be executed by Zetland’s operating partner, Hamilton Hotel Partners.
Richard Herring of Westfort Advisors said: “This was one of the largest regional hotel transactions of the year, and it certainly included its fair share of complexity and risk, as well as significant time constraints - making it work required a good deal of flexibility and pragmatism on the part of all principal stakeholders."