Global real estate firm JER Partners has announced the acquisition of the Express by Holiday Inn Stevenage for an undisclosed sum. The 129-room hotel will become part of the Morethanhotels portfolio which the company purchased in October 2007. JER already operates 11 Express by Holiday Inn hotels in England. The acquisition of the Stevenage property brings the total number of rooms in the group's portfolio to 1,399. Debt was arranged by RBS and provided by Abbey and Allied Irish banks.
Global real estate firm JER Partners has announced the acquisition of the Express by Holiday Inn Stevenage for an undisclosed sum. The 129-room hotel will become part of the Morethanhotels portfolio which the company purchased in October 2007. JER already operates 11 Express by Holiday Inn hotels in England. The acquisition of the Stevenage property brings the total number of rooms in the group's portfolio to 1,399. Debt was arranged by RBS and provided by Abbey and Allied Irish banks.
'The Stevenage site represents an attractive addition to the Morethanhotels group due to its South-East location and the success of the Express brand. We are confident about the synergy and cost-saving opportunities, as well as the potential for increased occupancy,' said Morethanhotels CEO Clifford Grauers.
