Atlas Hotels Has Acquired a Portfolio of Six Further Hotels, Located Across Scotland
Main Photo: The Holiday Inn Glasgow City Centre
Date: February 2022
Name: Mainly Holiday Inn Express
Locations: Glasgow, Edinburgh, Dunfermline and Perth, Scotland, UK
Number of Keys: 569
Seller: Chardon Group, founded in 1972 by Maurice Taylor
Buyer: Atlas Hotels, part of L+R Hotels
Atlas Hotels has acquired a portfolio of six further hotels, located across Scotland, for an undisclosed sum.
The portfolio comprises six properties located across Glasgow, Edinburgh, Dunfermline and Perth, totalling 569 bedrooms. The purchase of Chardon Group sees the Atlas portfolio increase to 60 UK sites with over 7,400 bedrooms.
Atlas Hotels, supported by its affiliate L+R Hotels, continues to grow with ten hotels having been acquired or opened in the last two years.
Sean Lowe, CEO of Atlas Hotels commented: “Our decision to acquire the Chardon hotels reflects our ambitious growth strategy to become the leading multi-brand platform for Select Service hotels in the UK, and we are excited to welcome the teams into the wider Atlas family.
Despite the tough challenges of trading through the pandemic, our portfolio has remained cash positive, demonstrating the resilience of this sector. Our operating model has allowed us to quickly integrate new assets and provide a stable platform for recovery and growth. Supported by L+R Hotels we were able to provide an efficient exit route to Chardon’s successful owners.”
Since acquiring the 47-strong chain in 2016 Atlas Hotels has grown from strength to strength. Progress has been driven through individual acquisitions as well as ground-up developments. Now centrally based at its new headquarters in Leicester, Atlas Hotels is the largest IHG franchisee in continental Europe. The scale of the platform allows for new assets to be acquired in a timely manner.
Desmond Taljaard, Managing Director of L+R Hotels said: “We have earmarked over £200 million to expand Atlas Hotels. We are actively seeking to add existing hotels, along with conversion and development opportunities. We want to be the easiest buyer to deal with, as we seek to grow this key sector for L+R Hotels. Working with Atlas management team enables us to underwrite, transact and integrate new hotels very efficiently.”
L+R Hotels has a 30-year track record in hotel investment. Between 2010-2021, L+R Hotels has assembled a €5,000 million portfolio of over 110 hotels across Europe, USA and the Caribbean, comprising 23,000 keys. All hotels are under L+R Hotels’ strategic asset management, with c.90% also being directly operated by L+R Hotels. Global Brand partners include Hilton, Marriott, IHG and Accor.
Nicola Taylor, CEO and Owner of Chardon Group said “As a family, we have devoted most of our working lives to the hospitality industry. We have enjoyed great success, but my parents agree with my decision that it is now time for us to step back.
With the sale, we have ensured the company remains in the very best of hands. Atlas is fully committed to the hospitality sector. The Atlas family of hotels share our integrity and values so we have no doubt this, coupled with their experience and expertise, will result in a very bright future.
On a personal level, the success Chardon has enjoyed over the years is, in large part, down to the hard work and commitment which was continually shown by the team. Everyone played their part in making it a business to be proud of and we, as a family, thank them for that.”
Price: Undisclosed
THPT Comment: L+R are an interesting company covering both ends of the star level of hotels, with the Atlas Hotels – three & four star branded, through to luxury Cliveden House and Chewton Glen in the UK and many globally including The Fairmont Monte Carlo
First Seen: Atlas Hotels press release
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