Member Article

Maidstone's Village Hotel sold to US private equity firm as part of £1 billion deal

De Vere has sold Village Hotel in Maidstone to US private equity firm KSL Capital Partners as part of £1 billion sales strategy by hospitality group, according to Kent Online.

The deal includes 25 properties across the UK and another three which are under construction.

The De Vere board has delivered sale proceeds of more than £1 billion since a financial restructuring in 2010.

The strategy was implemented after creating a new board in 2011.

Chief executive Andrew Coppel said: “We are delighted to have achieved this overall result.

“The support of Lloyds Bank in particular from late 2011 was critical, as this enabled the team to build value within three quality businesses and realise premium prices on disposal.

“To generate over £1bn of sale proceeds in challenging market conditions reflects well on the team. It represents a vindication of our strategy and the Lloyds Bank’s confidence in the company.

“Village Urban Resorts is now in great shape and has forward momentum with the openings in December and the New Year of properties in Aberdeen, Edinburgh and Glasgow.

“Its future is positive, undoubtedly enhanced by KSL’s commitment to invest substantially in the existing portfolio and pipeline.”

De Vere announced last week it had completed the sale of six golf resorts and also sold the Grand Hotel in Brighton in April.

This was posted in Bdaily's Members' News section by Ellen Forster .