Paramount acquires three Furlong properties

Paramount Group of Hotels has acquired three signature freehold hotels from Furlong Hotel Group – The Lygon Arms at Broadway in the Cotswolds, Billesley Manor near Stratford-upon-Avon and Combe Grove Manor near Bath. The purchase will add another 182 bedrooms to Paramount's portfolio and additional conference and meeting rooms and the acquisition is in line with the group's stated intention of making complementary acquisitions in the sector. The three classic country house hotels fit perfectly into the Paramount Group of four- and five-star properties around the UK and will enhance the company's geographical coverage. There will be an immediate investment of £1.5 million in refurbishment across the three properties and there is also an immediate opportunity to extend the hotels by adding extra rooms. While these hotels will be operated as a fully integrated part of the Paramount Group, each will retain its individual identity and associated brand values. They will effectively form a separate collection of top quality properties within the Paramount portfolio. Paramount parent company Dawnay Shore Hotels CEO Charles Prew said: “We're delighted to have been able to acquire these hotels and we'll continue to look for other similar opportunities. We are sure we can improve the profits of all three and there also seems to be considerable scope to improve the operational performance of the hotels.”

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