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Newcastle-based hotel and bar operator Cairn Group has announced the acquisition of five hotels across the UK off a guide price of £75m.
The five properties – in County Durham, Stirling, Harrogate, Cardiff and Brighton – will add a further 665 rooms to the company’s now 3,000-room portfolio, and is believed to be the biggest hotel acquisition by a North East business this year.
The deal, which includes Durham’s Redworth Hall Hotel; The Old Ship Hotel in Brighton; The Angel Hotel in Cardiff; The Majestic Hotel in Harrogate; and The Stirling Highland Hotel, means the family-owned business now employs over 3,000 staff.
Cairn Group announced earlier this year that it would undergo a “major” acquisition drive after it successfully refinanced £101m with the help of HSBC. This deal marks the company’s third of the year.
Richard Warren, the company’s finance director, said the deal is an “incredibly exciting” move for the company, which is continuing to “break into new territories and penetrate new customer bases”.
“Each of the hotels are completely unique and operating successfully. We see huge potential for them within the Cairn Group portfolio as we expand our coverage into new areas,” he said.
