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UK boutique hotel company sold for £70m
Some of the UK’s leading luxury boutique hotels are joining a larger group as part of a £70 million takeover.
The five properties making up the portfolio of The Eton Collection in London, Leeds and Edinburgh have been sold to JJW Hotels and Resorts.
The move has created a larger group of 15 properties across Europe, including the Berners Hotel off London’s Oxford Street which is closed and scheduled for redevelopment.
The properties in the UK which will come under the same umbrella are Eton Collection’s flagship Threadneedles in the City of London, Quebecs in Leeds, The Glasshouse in Edinburgh, The Colonnade in Little Venice, London and The Academy in Bloomsbury.
They will join 42 The Calls in Leeds and The Scotsman in Edinburgh.
The Eton Collection was formed nine years ago by former Mandarin Oriental Hotels managing director Peter Tyrie and achieved a turnover of almost £15 million in 2006 with average occupancy of 75%.
Other hotels in the enlarged group include three in Paris, one in Vienna and one in Portugal with two others under development.
Tyrie said: “The agreement is mutually beneficial in that we have the opportunity to expand The Eton Collection outside the UK, whilst providing JJW with our knowledge and expertise in the luxury boutique hotel market.”
by Phil Davies
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