Pandox AB and Fattal Hotels Group acquire the Midland Hotel for £115m

Pandox AB has entered into an agreement to acquire the iconic Midland Hotel in Manchester for £115m from real estate investment company, Aprirose. Pandox is being partnered in the transaction with Fattal Hotels Group - through its flagship hotel brand Leonardo Hotels - which will operate the hotel. Opened in 1903, the four-star Midland Hotel, situated in the heart of Manchester, features 312 bedrooms, two award-winning restaurants - Adam Reid at the French, and Mr Cooper's - a Tea Room, a newly refurbished bar and lounge, 14 conference and meeting rooms, and a spa and gym. The hotel, which will retain its name, will receive an investment of £11m for renovation works as it joins the growing collection of Leonardo hotels. Currently consisting of seven hotels in the UK: six in Scotland, located in Edinburgh, Glasgow, Aberdeen and Perth, and one in London Heathrow; Leonardo is a recent entrant into the UK hotel market but has more than 180 properties across several major European cities. It entered the UK market with the acquisition of a 230-bedroom hotel at London Heathrow Airport, which was rebranded into a Leonardo Hotel; and opened the 282-bedroom Leonardo Royal Hotel Edinburgh as its flagship hotel, following a £6.1m refurbishment to the former Premier Inn in early 2017, which was transformed to a 4-star hotel. At the end of 2017, Pandox, together with Fattal, also partnered on the acquisition of the Jurys Inn Hotel Group – significantly adding to their UK hotel portfolio. Fattal now operates 43 hotels in the UK and Ireland under two brands, Leonardo and Jurys Inn. Pandox is the owner of hotel properties in Northern Europe with a focus on sizeable hotels in key leisure and corporate destinations. Its hotel property portfolio comprises 143 hotels with approximately 31,500 hotel rooms in fifteen countries. David Fattal, CEO of Fattal Hotels Group, said: “This fantastic acquisition of Manchester’s Midland Hotel represents a huge step forward in our ambitious growth strategy in the UK. The reputation of the hotel speaks for itself and with this, we have the opportunity to further expand and strengthen the depth and breadth of our portfolio.” Jason Carruthers, managing director of Leonardo and Jurys Inn Hotels UK and Ireland, added: “We are delighted to have acquired the iconic Midland Hotel, which is very much a flagship acquisition for the group. This is truly one of the great hotels in the UK, which is rightly woven into the fabric of Manchester life. “With a very experienced management team and dedicated employees, the hotel fits well into our broader portfolio and is in line with our strategy to position the group as one of the UK’s most significant hotel owner and operators.We look forward to working together with everyone at the Midland Hotel to help drive performance and continue to deliver exceptional guest experiences, as we look to retain this great hotel’s status in the heart of Manchester.”