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Real estate fund manager Frogmore has acquired two UK hotels in a joint venture with C1 Capital Partners.
The two companies have bought the Park Inn Hotel in Northampton, and Stifford Hall in Thurrock.
Both hotels will operate under the Mercure brand following renovations and rebranding.
The deal was headed by law firm Womble Bond Dickinson led by commercial partner Lucy Pringle.
Pringle advised on a hotel management agreement for Park Inn Hotel, appointing C1 as manager, and a suite of commercial agreements for the hotels including a new franchise agreement with Accor.
Pringle said: “Womble Bond Dickinson prides itself on being able to offer cross-disciplinary support and we are delighted to have been able to play a part in the conclusion of this complex transaction. The relationship with Accor represents an exciting new chapter for the Park Inn Hotel and we look forward to working with the joint venture partners on this project and other hospitality opportunities going forward.”
John Matthews, director of Asset Management at Frogmore, added: “It’s really important for us to have access to the level of experience, expertise and resources that Womble Bond Dickinson has. The team’s combined expertise gave us lots of confidence as we took this next step and the firm’s track record in the hospitality sector really shone through and played a big part in the successful completion of this deal.”
