An opportunistic fund managed by Tristan Capital Partners has acquired a majority stake in a UK and Ireland budget hotel platform as part of a GBP420 million (EUR489 million) deal.
Tristan Capital’s European Property Investors Special Opportunities 6 (EPISO 6) has acquired the shareholding in Raag Hotels, which owns 10 Point A Hotels branded hotels.
The Tristan fund will own the hotel platform alongside current minority shareholders, Queensway, a company associated with the Jivraj family, and a company owned by Naguib Kheraj as the Wellcome Trust sells its stake.
As part of the new partnership, Queensway will co-invest and act as hotel operator, asset manager and development partner for future sites.
Tristan said the shareholders have “committed significant additional equity to fund the next phase of growth” of Point A Hotels with the goal of doubling the size of the estate over the medium term.
The current portfolio comprises 1,520 rooms, with 80% of its value in London.
Source: realassets.ipe.com on the 5th of April 2022
(https://realassets.ipe.com/news/tristan-capital-takes-majority-stake-in-budget-hotels-platform/10059049.article)