Menzies bags eight Thistle Hotels for £54m

Menzies Hotels has acquired eight Thistle properties from owner Curzon Hotel Properties in a deal worth £54 million. The new owner’s first move will be to invest £12m over the next 18 months to refurbish and reposition the eight properties in line with the existing Menzies portfolio. The new hotels, which have a combined total of 978 bedrooms and 45 meeting rooms, are located in Birmingham, Luton, Swindon, Stevenage, Irvine as well as three airport properties at Manchester, Gatwick and Aberdeen. “The acquisition of these hotels has provided us with the ideal opportunity to continue to grow and develop,” said Menzies chief executive Tim Penter. “They are all in prime locations improving our geographical spread. Our existing properties continue to enjoy buoyant trading and we are confident that these additions will provide the company with a significant return on investment.” The move is part of a rationalisation of the Thistle brand by Curzon, that I set to see another 20 properties sold off. Curzon is being advised by the Capital and Income Trust Group whose director Neil Palmer added: “We are delighted to have quickly completed the rationalisation of the portfolio of 28 Thistle Hotels acquired earlier this year and look forward to completing the capital investment programme for the remaining 20 assets.” Menzies Hotels was founded in 1992 and now owns 23 hotels across England and Scotland with over 2,400 bedrooms and suites. The eight new properties comprise Menzies Blakemore (formerly Thistle Stevenage), Menzies Chequers (formerly Thistle Gatwick), Menzies Dyce, (near Aberdeen airport, formerly Skean Dhu Dyce), Menzies Irvine (formerly Thistle Irvine) Menzies Pinewood (formerly Thistle Manchester Airport) Menzies Strathallan (formerly Thistle Edgbaston), Menzies Strathmore (formerly Thistle Luton) and finally Menzies Swindon (formerly Thistle Swindon).

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