Akkeron Hotels: Acquisition of eight folio hotels and a leading management team

Akkeron Group announces today the launch of Akkeron Hotels, a newly formed company owned by his family interests and those of Colin Johnston.

In addition, Akkeron Hotels announces that it has established its operational management platform through the acquisition of the core of the Folio hotel business together with leasehold interests in eight hotels. These include: Makeney Hall, Belper, Derbyshire; The Yorkshire Hotel, Harrogate; The Caledonian Hotel, Oban; Cedars Health and Leisure Club, Richmond-upon-Thames; and the Harte & Garter Hotel & Spa in Windsor.

Akkeron Hotels intends to build a portfolio of up to 150 regional hotels across the UK. It is expected that Akkeron's interests in these will comprise a blend of ownership, leases and management contracts. Conversations are being advanced with a number of hotel groups, landlords and banks.

The transaction is in line with Akkeron Group’s strategy of combining its corporate finance, financing and real estate expertise with 'best in class' operating teams to drive value from real estate-anchored operating businesses.

Folio is a group of high-quality and well-run hotels that continues to outperform the overall regional hotel market. All the hotels acquired by Akkeron will continue to operate as usual but on a robust financial footing.

Commenting on the launch, James Brent, Chairman of Akkeron, said: “The regional UK hotel market provides a real opportunity for a company such as ours which combines access to equity and debt finance, and management expertise and integrity.

“Akkeron Hotels has been set up to capitalise on current market conditions in the sector and the agreement with Folio has enabled us to synthesise Folio’s first class management team with our financial/financing expertise. Comprising a core team of professionals with skills and experience across operational hotel management, acquisitions, disposals, financing, legal and corporate finance, we believe that Akkeron offers a high-quality platform from which to develop a substantial UK-focused hotel business.“