North East hotel and bar operator Cairn Group has expanded with the purchase of five new properties for a combined list price of £75m.
The Newcastle-based company says the sites – located in Stirling, County Durham, Harrogate, Cardiff and Brighton – add 665 rooms to its now 3,000 room portfolio. The family-owned business now employs over 3,000 staff.
The acquisitions follow a £101m refinance deal completed in May, and are the group’s third acquisition of the year, following the purchase of Stoke Place in January, and The Parish bar in York in August.
The properties acquired under the latest deal include The Old Ship Hotel in Brighton, The Angel Hotel in Cardiff, The Majestic Hotel in Harrogate, Durham's Redworth Hall Hotel and The Stirling Highland Hotel.
Cairn Group finance director Richard Warren said: 'This is an incredibly exciting move for us. We are continuing to break into new territories and penetrate new customer bases.
'Each of the hotels are completely unique and operating successfully. We see huge potential for them within the Cairn Group portfolio as we expand our coverage into new areas, offering a truly "national" choice for our customers who remain our number one priority, alongside ensuring we provide first class hospitality, each and every time.'
Mincoffs Solicitors LLP and HSBC Bank plc supported the group on the latest acquisitions, while Savills and Rothschild jointly advised on the sale of the hotels.