JER Partners, the private equity investment arm of real estate investors J.E. Robert Companies, has announced the acquisition of Morethanhotels for an undisclosed sum. Morethanhotels owns and manages a portfolio of 11 Express by Holiday Inn hotels. It also owns two development sites close to the Birmingham NEC exhibition centre that have full planning permission for hotels. Once these developments are completed, the group will manage over 1450 rooms in the UK.
JER Partners, the private equity investment arm of real estate investors J.E. Robert Companies, has announced the acquisition of Morethanhotels for an undisclosed sum. Morethanhotels owns and manages a portfolio of 11 Express by Holiday Inn hotels. It also owns two development sites close to the Birmingham NEC exhibition centre that have full planning permission for hotels. Once these developments are completed, the group will manage over 1450 rooms in the UK.
JER sees the acquisition as providing a platform for the creation of a larger portfolio of branded hotels in the UK over the next three to five years, through the development of new sites and the acquisition of existing hotels. It recently closed its third European fund, JER Europe Fund III, with EUR 809 mln of equity. JER Europe Fund III has invested in the UK, Germany, Switzerland, Italy, Belgium and Turkey. These investments include a 50% share in a Swiss hotel company and the Great Eastern Hotel in London
