Main Photo: The Derwentwater Hotel, part of the Shearings portfolio
Date: August 2020
No. Keys: TBA
Owner: Coach holiday operator Shearings, was taken over by US private equity firm, Lone Star Funds, previously a minority investor, in April 2016.
This change to the ownership structure saw former Travelodge chief executive and chairman Grant Hearn, already then a non-executive director, take over as chairman. Hearn also had non-executive director roles at retailer Poundland and Scandic Hotels as well as being chairman of another Lone Star-owned business Amaris Hospitality. Hearn left those companies in 2018/19
Shearings at that time had earnings before interest, taxes, depreciation and amortisation climbed by 30 per cent to £9.1m in the 12 months to December 2015.
Sadly by May 2020, Specialist Leisure Group went into administration….
Management: UK based Bespoke Hotels has finalised a five-year hotel management agreement on the 40 ex-Shearings Hotels, after the company was put into administration in May.
Almost all of the hotels from the Bay, Coast & Country and Country Living collections have joined the ‘Bespoke Hotels’ banner effective immediately.
These will include: The Windermere Hotel, Windermere, The Caledonian in Fort William, The Ship and Castle in St Mawes and the newly refurbished St George in Harrogate, alongside many others in key coastal locations and tourist hot spots throughout the UK.
Having been closed since March, Bespoke Hotels will gradually start to re-open these hotels over the coming months.
“Two great hotels in the Lake District – The Derwentwater Hotel & Manor Apartments and The Windermere – as well as The Pitlochry Hydro have been earmarked to reopen first, in late August,” comments Bespoke Hotels regional director, Paul FitzGerald, who will be internally leading the project.
“This news is particularly welcome in these trying times for our industry” comments Bespoke Hotels CEO, Thomas Greenall. “This new arrangement ensures that we can create jobs at a challenging time for employees in the sector.”
In May, 44 hotels in the Shearings portfolio went into administration, with two – The Grand Hotel in Exmouth and Majestic Hotel in Bournemouth – are now up for sale for £1.35m and £1.7m respectively.
THPT Comment: From £9m EBITDA to bust…this damned Covid 19 has a lot to answer for…. As was expected, Lone Star have now parked the hotels in safe hands, with Bespoke.
First Seen: Boutique Hotelier
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