The Hallmark portfolio consists of eight luxury four-star hotels with 730 rooms and 600 employees in locations across the UK including Croydon, Manchester and Gloucester.
The acquisition will bring Topland's total UK portfolio to 30 hotels with more than 3000 hotel rooms. The company already owns 12 Menzies hotels and six Thistle hotels, as well as Bath's Royal Crescent Hotel, the Brighton Metropole and the Glasgow Hilton.
The Hallmark properties will be managed by Bespoke Hotels, which has been managing the Menzies portfolio since Topland acquired them in late 2013.
Lionel Benjamin, Topland director of hotels said: “Hallmark Hotels success to date has been through a sharp acquisition strategy, a £16m refurbishment over the last four years and commencing the hotels repositioning in their respective locations and markets.
“The synergies with Menzies were immediately apparent combined with the opportunity to further grow the business as a combined hotel portfolio.”
Hotel growth
Topland chief executive and billionaire Sol Zakay has expressed a desire to substantially increase Topland’s hotel portfolio, and the company appointed Benjamin as hotels director earlier this year to help drive UK expansion.
“Securing this off-market transaction further cements Topland’s ability to effect hotel portfolio transactions to complement and further develop our existing hotel business,” said Zakay.
“Hallmark represented an excellent opportunity to acquire a profitable and highly rated national hotel group, with a strong record of delivering growth reflecting a textbook Topland approach, and supporting Topland’s aim to build a £1bn hotel platform.”