Chinese investment firm, HK CTS Metropark Hotels has purchased the entire issued share capital of Kew Green Hotels from Goldman Sachs and TPG for a sum believed to be around £400m.
Kew Green owns 44 UK hotels with 5,179 rooms and manages a further ten UK hotels for other owners. The current portfolio provides HK CTS with national coverage with the franchised hotels spread evenly across the UK.
Senior management of the group, which includes CEO Paul Johnson, has been retained, with the intention of continuing to grow the business in the UK and throughout Europe. HK CTS Metropark said that relationships with the existing franchise partners will also remain unchanged.
Goldman Sachs and TPG acquired Kew Green Hotels in 2013 and have helped grow into the largest Holiday Inn franchisee in Europe and one of the most respected owner operators in the market.
HK CTS Hotels is a wholly-owned subsidiary of China National Travel Service Group Corporation - HK CTS Group.