JER Partners has bought the Express by Holiday Inn hotel in Stevenage for an undisclosed amount and plans to add it to its Morethanhotels portfolio.
The 129 room hotel is located in Stevenage Town Centre and occupies five floors.
US private equity company JER bought the Morethanhotels portfolio in October last year and already operates 11 Express by Holiday Inn hotels in England.
This latest deal will bring the total number of rooms in the group’s portfolio to 1,399.
Clifford Grauers, chief executive officer at Morethanhotels, said: ‘The Stevenage site represents an attractive addition to the Morethanhotels group due to its South-East location and the success of the Express brand. We are confident about the synergy and cost-saving opportunities, as well as the potential for increased occupancy.’
Malcolm Le May, president at JER Partners, said: ‘We have ambitious plans to grow the company and this acquisition demonstrates our continued commitment to the budget hotel segment of the market.’
Morethanhotels also operates properties in Bradford, Birmingham NEC, Bristol, Gloucester South, Lichfield, London-Wandsworth, Manchester, Newcastle MetroCentre, Peterborough, Stafford and Southampton West.
Debt for the deal was arranged by RBS and provided by Abbey and Allied Irish.