LONDON—The recently formed St. James’s Hotel Group Limited is the new owner of a group of 14 hotels across England that it has purchased from Forestdale Hotels Limited.
The 14 properties are unbranded three star hotels well situated in strongly performing locations, such as Bath, Cambridge, Bristol, and Winchester, the New Forest and the Cotswolds. The group employs 600 people and has annual revenue of around $30 million (£18M). St. James said in a release that the hotels have “suffered from a prolonged period of under-investment with Forestdale struggling to service a large debt burden” and recently went into foreclosure administration. The firm will work to reverse that momentum.
“St James’s Hotels has the financial strength and the development capability required to invest in the estate and to improve the quality of the portfolio,” the release stated. St. James’ was formed recently by Somerston Group of London, a 160-year-old private, diversified European investment group.
“We are very excited to have acquired this portfolio,” said Shaun Robinson, managing director of St James’s. “And while it will require significant investment in both time and money, we believe we are well placed to maximise the potential of these well located properties.”
Robinson indicated that the St. James’ Group hopes to make more buys in the near future.