JER Partners has bought Morethanhotels to expand its budget hotel presence in the UK.
The private equity arm of US real estate investor JE Robert Companies is thought to have paid around £115m for the hotel company which has a portfolio of 11 Express by Holiday Inn hotels and two development sites close to the Birmingham NEC. Once these developments are completed, the group will manage over 1450 rooms in the UK.
JER plans to use the acquisition to create a larger portfolio of branded hotels in the UK over the next 3-5 years, through the development of new sites and the acquisition of existing hotels.
JER Partners has been active in Europe since 1995. It recently closed its third European fund, JER Europe Fund III, with €809m (£563m) of equity.
JER Europe Fund III has invested in the United Kingdom, Germany, Switzerland, Italy, Belgium and Turkey.