Burges Salmon has advised Zetland Capital on its acquisition (and associated funding) of the 338 bedroom Macdonald Manchester Hotel and the 156 bedroom Macdonald Holyrood Hotel. The hotels will be managed by Zetland’s JV partner, Hamilton Hotel Partners.
The acquisition is reported as one of the largest hotels transactions completed outside of London in 2021. It represents the latest in a string of transactions in the sector on which Burges Salmon’s Hotels team has advised. It also follows on from Zetland’s acquisition of a 12 strong London pub portfolio from Downing LLP, on which Burges Salmon also advised.
Zetland Capital Partners LLP is a London-based private equity firm specialising in mid-market special situations across Europe. The Firm focuses on asset-backed and corporate related opportunities.
Burges Salmon deployed a large team from across its offices to advise on the acquisition, led by Partner in the firm’s Corporate team, Rupert Weston and Senior Associate, Amy Carr, together with lawyers from our English and Scottish Real Estate teams, led by Rick Read and Robert Forman. Banking Partner Katie Allen and Senior Associate Claire Hamer led on the associated debt funding arrangements with Starwood European Finance Partners.
Ahmed Hamdani, Managing Partner at Zetland Capital Partners LLP, said: “
We are delighted to have acquired these two very well located hotels in prime UK cities. Our strategy is to provide significant investment to refurbish and reposition these hotels. This acquisition aligns with our investment strategy to purchase and invest in well-located hotels across the UK, where we can materially enhance the product offering and benefit from the recovery of demand in the UK’s key cities.”
Rupert Weston comments: “
We are pleased to have worked again with Zetland Capital and Hamilton Hotels to help deliver on this significant acquisition.”
Representatives of Burges Salmon’s Hotels team are attending the Annual Hotel Conference in Manchester on 22–23 November, and look forward to catching up with contacts from across the industry.