Fairview Hotels expands portfolio with purchase of three hotels
2 May 2017
Fairview Hotels, which is owned by the Chatwani family, has acquired three Accor properties: two Ibis and a Novotel, comprising 339 bedrooms from Land Securities in an off-market deal handled by CBRE Hotels for an undisclosed sum. The hotels purchased are the:
- 102 bedroom Hotel Ibis Cardiff, Wales
- 111 bedroom Hotel Ibis Rugby East, Northamptonshire
- 126 bedroom Novotel Newcastle Airport, Tyne & Wear
The properties were part of a £439M sale and leaseback of 30 Ibis and Novotel properties between AccorHotels and Land Securities in 2007.
The deal increases Fairview's hotel portfolio to 1,300 bedrooms in 12 hotels throughout England. All are operated under franchise with AccorHotels, including three Ibis, two Mercure and seven Novotel properties. HSBC and Coutts supported Fairview Hotels with these acquisitions.
The expansion follows the purchase of four Novotel properties from Land Securities in December of last year.