12 Menzies Hotels have been bought out of administration by The Topland Group in a deal worth at least £80m.
The 15 hotels acquired were all put up for sale in July this year after its parent company Cordail Hotels went into administration two months earlier.
Owned by billionaire brothers Sol and Eddie Zakay, The Topland Group has in turn saved 1,130 jobs. However, three hotels not acquired and operating under shorter-term lease agreements located in Luton, Gatwick and Swindon will close, with a total of 155 employees across the three sites being made redundant.
The hotels that Topland has acquired remain open have a combined bedroom count of over 1,500 in locations which stretch from Aberdeen to Bournemouth. Bespoke Hotels will take over management of the hotels under Vision Asset Management.
The 12 hotels which have transferred to Topland Group are: Aberdeen Airport (Dyce), Glasgow, Cambridge, Birmingham (Strathallan), London Chigwell (Prince Regent), Stratford-upon-Avon (Welcombe-pictured), Stourport (Stourport Manor), Woburn (Flitwick Manor), Irvine, Bournemouth (Carlton), Derby (Mickleover Court), Bournemouth (East Cliff Court).
Jeremy Hill, director and head of hotels at Christie + Co, who marketed the hotels said: “We are delighted to announce the sale of Menzies Hotels, one of the leading private hotel groups in the UK. Christie + Co launched the sales process in the summer of this year, and the huge interest we received saw us undertake a substantial number of asset tours for interested parties
“The response to the sale of this 4-Star collection is evidence that the UK hotel market is gathering strength as trading levels improve.”