Fairview Hotels has increased its portfolio with the acquisition of four Novotel properties for an undisclosed sum.
Located in Ipswich, Wolverhampton, Manchester and Coventry, the Novotel properties comprise a total of 450 bedrooms and will operate under a franchise agreement with AccorHotels.
The acquisitions expands Fairview’s existing Uk portfolio to nine hotels, which includes the Novotel, Ibis and Mercure brands.
Anu Badola, director at CBRE Hotels, which handled the sale, said: “This transaction represents a strong opportunity for Fairview Hotels who are currently the largest franchisee of Novotel hotels in the UK and is an excellent fit for its platform.
“We are seeing an increasing amount of interest from UK based owner operator franchisees who are seeking attractive opportunities in the UK market where there is a strong underlying base of demand and attractive returns relative to the current low interest rate environment.”
