Former Citi property boss sets up UK hotel group

Akkeron Group, an investment business formed by a former head of property at Citi's investment bank, has launched a new hotel platform.

Akkeron Hotels is owned by the family interests of James Brent, former Citi real estate & lodging boss, and those of Colin Johnston, Akkeron said.

In addition, Akkeron Hotels said it has established its operational management platform through the acquisition of the core of the Folio hotel business together with leasehold interests in eight hotels in the UK.

These include: Makeney Hall, Belper, Derbyshire; The Yorkshire Hotel, Harrogate; The Caledonian Hotel, Oban; Cedars Health and Leisure Club, Richmond-upon-Thames; and the Harte & Garter Hotel & Spa in Windsor.

Akkeron Hotels intends to build a portfolio of up to 150 regional hotels across the UK. It is expected that Akkeron's interests in these will comprise a blend of ownership, leases and management contracts. Talks are underway with a number of hotel groups, landlords and banks, the company said.