PropertyEU - February 29, 2008
Fletcher Hotel Group, a subsidiary of the Hotel Management Group, said on Friday it has hired UK broker HVS Hodges Ward Elliot for the sale of its two and three-star hotel portfolio in the Netherlands. Fletcher, based in Vianen, said it plans to sell 23 of the 28 hotels it owns in the country through a sale-and-lease-back deal.
The group said that the move is aimed at funding its expansion strategy. Over the last four years, Fletcher has boosted its turnover by 40% thanks to 'autonomous growth and M&A activities'. The hotel chain is targeting a portfolio of 50 hotels in the Netherlands.
The portfolio comprises well-known assets such as Hotel Duinoord in Wassenaaar, De Malle Jan in Vierhouten, Hotel Erica in Berg en Dal and the largest hotel in Waddeneilanden, d’Amelander Kaap. Fletcher plans to lease back the hotels for a total EUR 7 mln per year.
London-based services firm HVS Hodges Ward Elliot has acted in several transactions in the Netherlands such as the sale of the SAS Radisson Hotel at Schiphol, and the Holiday Inn in Eindhoven.
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