Christie + Co completes sale of hotel portfolio

RNS Number : 7283Q

Christie Group PLC

03 September 2014

 

3 September 2014

Christie Group plc

Christie + Co completes sale of hotel portfolio

Christie Group plc, ('Christie Group' or the 'Group'), the leading provider of Professional Business Services and Stock & Inventory Systems & Services to the leisure, retail and care markets, is pleased to announce that Christie + Co, its specialist provider of agency and advisory services, has advised  on the sale of 19 Holiday Inn hotels by LRG Holdings Ltd ('LRG') to Kew Green Holdings Ltd ('Kew Green').

Kew Green completed the acquisition from LRG, bringing its portfolio of Holiday Inns to 38 and making it InterContinental Hotels Group's largest Holiday Inn franchise partner in Europe.

The hotels are located throughout the UK in prominent cities and commercial centres. They will continue to trade as Holiday Inns under a new franchise agreement and will all undergo extensive refurbishment over the next few years.

The nationwide portfolio, brought to the market by specialist property adviser Christie + Co in May, was sold for significantly above the £70 million guide price.

Jeremy Hill, Director & Head of Hotels at Christie + Co, says: "Kew Green's acquisition of this portfolio once again demonstrates the strong demand for well-located regional hotels, following the sales by Christie + Co earlier this year of the Menzies and QMH hotel portfolios in the UK - like the LRG package, sold for over the original guide price."

Enquiries:

Christie Group plc
David Rugg Chief Executive	020 7227 0707
Daniel Prickett Chief Financial Officer	020 7227 0700
Charles Stanley Securities Nominated Adviser & Broker Russell Cook / Carl Holmes	020 7149 6000

Notes to Editors:

Christie Group plc, quoted on AIM, is a leading professional business services group with 43 offices across the UK, Europe and Canada, catering to its specialist markets in the leisure, retail and care sectors.

Christie Group operates in two complementary business divisions: Professional Business Services (PBS) and Stock & Inventory Systems & Services (SISS). These divisions trade under the brand names: PBS - Christie + Co, Pinders, Christie Finance and Christie Insurance: SISS - Orridge, Venners and Vennersys.

Tracing its origins back to 1846, the Group has a long established reputation for offering essential services to client companies in agency, valuation services, investment, consultancy, project management, multi-functional trading systems and online ticketing services, stock audit and inventory management. The diversity of these services provides a natural balance to the Group's core agency business.

For more information, please go to www.christiegroup.com.

 

END

 

 

NRABXLFBZKFLBBD