Wednesday March 6th, 2013 - 8:40AM
LONDON— Interstate Hotels & Resorts made its entry into the United Kingdom, acquiring the management platform of Sanguine Hospitality, a Liverpool-based hospitality development and ownership company.
With this transaction of a portfolio of 14 hotels in the U.K., aggregating more than 1,900 rooms added to Interstate's European portfolio, Interstate's total number of hotels managed and signed come to 51 in the region. The U.K. portfolio includes nine newly developed hotels under leading international brands—most opened within the past two years—and five hotels currently in development. Two-thirds of the operating hotels are full service and the remainder are select service.
“While we have enjoyed significant success through organic growth and a strong market reputation, our new relationship with Interstate puts us on an entirely new level and provides a platform to achieve step-change growth,” said Simon Matthews-Williams, chairman of Sanguine Hospitality.
“Future projections for this market are robust, and with 14 hotels signed or opened thus far, Interstate is eager to manage this portfolio with high-quality developers and solid fundamentals, improving every hotel’s bottom line,” said Leslie Ng, chief investment officer of Interstate Hotels & Resorts.