The Fletcher Hotels platform has been sold in a management buyout led by CEO Rob Hermans and CFO Edwin van Heteren, together with their equity partners, NIBC Bank and Xead Group from Luxembourg.
The transaction, which comprises the portfolio of hotels and accompanying real estate, represents the exit of founder, Chris Luken, after 22 years in the business.
Fletcher Hotels is the largest hotel chain in the Netherlands with 73 hotels and nearly 4,000 rooms, 2,600 employees and revenue of €125 mln. The new owners said they plan to grow the portfolio to 100 hotels in the coming years, exploring opportunities to expand both nationally and internationally.
'It was a great opportunity for us to purchase this unique business and ensure continuity. There will be limited transition for employees and guests as management is very familiar with the business and will continue with its strategy,' remarked Rob Hermans, CEO Fletcher Hotels, who has been with the group for 15 years.
Robert Ian Oei of NIBC Mezzanine & Equity Partners, said: 'We see Fletcher Hotels as a great business with its roots in the Netherlands and set to benefit from an exciting growth trajectory. We are pleased to support Fletcher alongside our co-investor Xead Group in this transaction.'
Luken, the former Van der Valk waiter, founded the hotel marketing company Hotelbon in 1994 and bought his first hotel three years later, naming it after his dog ‘Fletcher’. 'It was an exciting phase of my life and I have enjoyed building this business. Having the incumbent management team take on the reins will be the crowning moment,' said Luken.
JLL’s Hotels & Hospitality Group based in London advised Luken on the transaction.
