Aprirose and Cindat Achieve Debt Restructure for Q Hotels Portfolio

By Dev Anand | 25 April 2021

Locations: Good Coverage of the UK from Glasgow in Scotland to Leeds, Crewe, Norfolk, Stratford-upon-Avon to Cambridge

Names: Slaley Hall, The Queens Leeds, Oulton Hall to Cambridge Belfy…full list below

Guide Price: They Paid £525m for 24 Hotels in 2017, but have sold off some since

No. of Keys: TBA

Update: April 2021

Just last month, March 2021, Aprirose has appointed PwC to find a buyer for QHotels, a collection of some 20 four-star properties located across the UK.

QHotels’ portfolio includes Slaley Hall in Northumberland, The Queens in Leeds, Dunston Hall in Norfolk, and Ashford International in Kent. Most of the hotels have extensive grounds, Spa and many have golf.

Golf at Telford Hall

The company has branded some of the hotels: Four DoubleTree by Hilton properties, two Delta by Marriott sites, and one Mercure.

Joint venture partners, Aprirose and Cindat Capital Management, the Beijing-based international private equity firm, have now announced the restructure of the debt with its lending club for the QHotels portfolio.

The international joint venture acquired the chain of UK regional hotels from Bain Capital Credit and Canyon Partners in 2017, before successfully executing a series of high profile sales including the iconic Midlands Hotel in Manchester, the Grade II listed Mottram Hall in Cheshire and Bridgewood Manor in Chatham, Kent.

The agreement is underpinned by the joint venture’s and the lenders’ strong long-term commitment to the future of the high-end regional hotel market.

Bernard Van der Lande, Managing Director of Cindat, said: “As judicious stewards of a diverse portfolio of global investments, we have conviction in the lodging industry’s recovery, and are very invested in our partners, management platform, and this portfolio of hotels that employs so many hard-working people across the UK.”

Manish Gudka, CEO of Aprirose, said: “We are very pleased with this outcome and the support we have received from Cindat and our banks who share our confidence in both the assets and the future market conditions.

“We believe the market is set for huge staycation growth, while at the same time anticipating significant growth in conference and events business of a new kind where businesses make up for lost collaboration and fewer days in the office in the future by getting staff together more regularly. The assets in this portfolio are well placed to capitalise on this trend.”

The full list of hotels:

Ashford International, Ashford, Kent

Belton Woods, Lincolnshire

Chesford Grange, Kenilworth

Crewe Hall, Crewe

Dunston Hall, Norwich

Oulton Hall, near Leeds

Norton Park, Winchester

Slaley Hall, Northumberland

Stratford Manor, Stratford-upon-Avon

Telford Hotel & Golf Resort, Telford, Shropshire

Cheltenham Chase, Gloucester (a Delta by Marriott)

Hampshire Court, Basingstoke

Nottingham Belfry, Nottingham (a Delta by Marriott)

Park Royal, Warrington, Cheshire

Queens Hotel, Leeds

Oxford Belfry, Thame (a DoubleTree by Hilton)

Glasgow Westerwood, Scotland (a DoubleTree by Hilton)

The Stratford, Stratford-upon-Avon (a DoubleTree by Hilton)

Cambridge Belfry

Forest Pines, Brigg, Lincolnshire (a DoubleTree by Hilton)

Holland House, Bristol (a Mercure)

Main Picture: Slaley Hall at dusk

Current Owner: Aprirose was the company to follow, having acquired Q hotels, selling off three/four flagships to get a fair amount of it’s £525m outlay back, was sitting pretty….and then came along Covid. The sale was always going to be difficult as Aprirose had done a ground-lease deal.

Tenure: Long leasehold in the main, with a ground-rent deal in place…a few freeholds

Date Posted: March 2021, updated April 2021

THPT Comment: Glad to see Aprirose have sorted themselves out….

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