Dawnay Shore Hotels said it has agreed with Spanish hospitality group Barcelo to take over the management of its Paramount Hotels portfolio. The Spanish company will lease the portfolio under a 45-year agreement, Property Week reported. The portfolio includes 20 luxury hotels across the UK.

Dawnay Shore Hotels said it has agreed with Spanish hospitality group Barcelo to take over the management of its Paramount Hotels portfolio. The Spanish company will lease the portfolio under a 45-year agreement, Property Week reported. The portfolio includes 20 luxury hotels across the UK.

Dawnay Shore, a joint venture between Dawnay Day and Shore Capital, said the deal would increase the value of its portfolio to £556 mln. Dawnay Shore said the lease would be inflation-indexed and has the potential to rise depending on the hotel's profit performance.

The portfolio includes the world-famous Lygon Arms Hotel, the prestigious Paramount Carlton Hotel in Edinburgh as well as the Paramount Oxford Hotel.