St James’s Hotels managing director Shaun Robinson said the hotels had suffered from a ‘prolonged period’ of under-investment due to Forestdale’s ‘large debt burden’, which recently sent it into administration.
However, he added that the hotels were in ‘strongly performing’ locations including Bath, Cambridge, Bristol, and Winchester, the New Forest and the Cotswolds.
“We are very excited to have acquired this portfolio and while it will require significant investment in both time and money, we believe we are well placed to maximise the potential of these well located properties,” he explained.
Robinson said the purchase was the first of a series of planned acquisitions for St James’s Hotels, which was formed recently by the privately-owned European investor Somerston Group.