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Tristan Fund Partners has acquired a majority stake in Point A Hotels as part of a £420m deal and has promised to “double the size of its portfolio in the medium term.”
The transaction will provide a full exit for the Wellcome Trust, whilst the other current shareholders, Queensway, a company associated with the Jivraj Family, and a company owned by Naguib Kheraj will remain as minority partners.
The Point A portfolio comprises 1,520 rooms in 10 hotels, with 80% of its value in London. The independent budget boutique brand provides EPISO 6 with an immediate footprint across the best markets in the UK and Ireland in strategic locations near transport hubs.
Under the new partnership, the hotel group said Queensway will co-invest and act as hotel operator, asset manager and development partner for future sites. The shareholders have committed “significant” additional equity to fund the next phase of expansion for the hotel group with the goal of doubling the size of the estate over the medium term.
The existing banks, HSBC and NatWest are retained as lenders.
Kristian Smyth, executive director, investments at Tristan Capital Partners, said: “The acquisition of this hotel platform reflects our wider hotel strategy of partnering with best-in-class operators in market segments that are resilient to market volatility with substantial growth potential.
“Our ambition is to materially grow the platform in the UK and Ireland alongside the Queensway team with two to three acquisitions per year with the objective of doubling the portfolio in the medium term.”
Naushad Jivraj, CEO, Queensway added: “We are excited for the next chapter of the Point A Hotels story as we, together with Tristan, continue to develop our product, brand and service to the ever-evolving needs of our consumers.”
