Cairn Group acquires five hotels for £75m
Northern England-based Cairn Group has announced the acquisition of five hotels across the UK off a guide price of £75m – a move which is set to significantly expand the company’s reach across the UK.
The ewcastle-based hotel and bar operator has successfully acquired five properties in Stirling, County Durham, Harrogate, Cardiff and Brighton, adding 665 rooms to its now 3,000 room portfolio.
It is understood to be the biggest hotel acquisition by a North East company this year and means the family-owned business now employs over 3,000 staff.
Incorporating, The Old Ship Hotel in Brighton, The Angel Hotel in Cardiff, The Majestic Hotel in Harrogate, Durham’s Redworth Hall Hotel and The Stirling Highland Hotel; each of the five acquired are high quality and boast prime locations and rich heritage.
This most recent acquisition marks the Group’s third of 2016, following a £101m refinance deal completed in May.