China's HK CTS acquires Kew Green Hotels
The purchase includes the 44 hotels Kew Green owns in the UK, as well as the management contracts it has for 10 others. Kew Green operates the largest Holiday Inn franchise in Europe and has the management contract to run the Grand Hotel in Brighton and the Richmond Hill in London.
Senior management at the company, previously owned by Goldman Sachs and TPG Special Situations Partners, have been retained to enable continuing growth.
Paul Johnson, chief executive of Kew Green said: "We are delighted that HK CTS Metropark Hotels has chosen to invest in Kew Green. Their support will allow us to continue our aggressive growth strategy as well as giving us access into the rapidly growing Chinese tourist market."
Jeremy XU Muhan, chairman of HK CTS Metropark Hotels said: “The purchase of Kew Green Hotels is a tremendous acquisition that provides us with a strategic growth platform within the UK and across Europe. Investing overseas will enable us to bridge Chinese tourism with the rest of the world. The acquisition of the first rate Kew Green Hotels business is the first step and it gives us this ability and provides a platform to grow from."
