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BLACKSTONE IN EXCLUSIVE TALKS TO BUY £850M VILLAGE HOTELS CHAIN

One of the world's largest real estate investors has entered exclusive talks to
buy the mid-market hotel chain, which trades from about 30 sites across the UK,
Sky News understands.

Mark Kleinman

City editor @MarkKleinmanSky

Tuesday 4 June 2024 10:21, UK


Image: Pic: Village Hotels
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Why you can trust Sky News

Blackstone, the giant private equity investor, is in exclusive talks to buy one
of Britain's biggest mid-market hotel chains.

Sky News has learnt that Blackstone has entered a period of exclusivity to
acquire Village Hotels, which is being auctioned by bankers at Morgan Stanley.



The chain was put up for sale earlier this year with a valuation of about £850m.

The news comes just days after Sky News revealed that Blackstone had tabled an
offer for Village.

Sixth Street, another US-based investment firm, and Aermont, the majority backer
of Pinewood Studios, were also interested in buying the company.



Village, which operates more than 30 sites across the UK, is owned by KSL
Capital Partners, another buyout firm.

Its portfolio of properties includes sites in Aberdeen and Bournemouth, with
rooms available at budget prices.


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Founded in 1995 as Village Urban Resorts, the hotels feature pub-style
restaurants and gyms.

The prospective deal comes months after attempts to sell Center Parcs UK were
called off, while a mooted sale of Travelodge has so far failed to result in a
deal.

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KSL was reported to have paid £485m for the business when it bought it in 2014
from De Vere Group.

The Denver, Colorado-based buyout firm has also owned other UK hotel chains
including Hotel du Vin and Malmaison.

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Blackstone declined to comment.






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