Family-owned property business Queensway Group has announced the launch of a new budget hotel brand, Point A Hotels.
Point A will comprise of seven hotels – expected to open over the next 10 weeks- all owned by Raag Hotels, a joint venture between Affiliates of the Queensway Group, the Wellcome Trust and Fifty Seven 7, a company owned by Naguib Kheraj.
The first openings will be in Glasgow and Shoreditch in March. The London Shoreditch hotel is a new-build featuring 181 rooms, while Glasgow is a 122-bedroom city centre property which has been the subject of “substantial” remodelling.
The remaining five properties are currently trading as part of the Tune Hotels portfolio, under a franchise agreement. The properties, based in central London, will be re-branded as Point A Hotels by the end of March 2017.
Naushad Jivraj, Queensway Group CEO, said: “Point A Hotels represents a change in strategic direction for Queensway. Through owning and managing our own hotel brand we plan to deliver a greater return on investment for shareholders.”
He added the company intends to grow Point A Hotels “significantly” over the next few years, with the aspiration is to become a “well-loved and affordable” hotel brand.
Point A Hotels will offer 1,100 rooms spread across its portfolio of seven hotels.