Interstate Hotels & Resorts announced on Wednesday that it purchased for an undisclosed sum Chardon Management, which manages 32 hotels in the U.K.
The deal brings the U.K. portfolio of Interstate Hotels & Resorts, Arlington, Virginia, to a total of 47 hotels after it entered the country by acquiring the management platform of Sanguine Hospitality, Liverpool, in March. The portfolio of Chardon Hospitality, London, consists of Holiday Inn, Hotel Indigo, Holiday Inn Express, Hampton, Ibis Styles, Best Western Plus, Quality Hotel, La Bonne Auberge, Limelight Bar & Grill and Triangle branded properties located in primarily in U.K. secondary markets. Although U.K. markets outside of London have posted lackluster performance metrics lately, Interstate said its long-term outlook on these markets was optimistic.
“The opportunity presented itself and long-term we think the secondary U.K. markets will be fine,” Leslie Ng, Interstate’s CIO told HOTELS.
Ng said Interstate had no immediate plans to rebrand any of the hotels in the Chardon portfolio.
“About two years ago we had made the decision to try to enter into the U.K. market under a broader plan to become a major hotel operator in Europe,” Ng said. “We have identified Europe as a very important operating platform for Interstate and we plan to be active in expanding there.”
