New partnership formed to develop hotels
At least five hotels are expected to be developed through a new partnership formed between Oxford Hotels, property consultancy Capita Symonds and real estate investment company Equiture.
The partnership will look at the acquisition of hotels with equity partners, as well as consider working with banks to improve hotels in difficulty.
Opportunities within all markets, from the budget to four-star sectors, are being considered, both in city centre and rural locations. The hotels will have more than 50 bedrooms and will have significant leisure and conferencing facilities.
Oxford Hotels and Equiture will be responsible for securing opportunities and enhancing the profitability of hotel investments through active asset management, while Capita Symonds will oversee the design and delivery of hotel refurbishments.
Simon Wood, of Oxford Hotels, said: "Our unique model will grow hotel portolio values through revenue enhancements and costs savings. As the market improves and travel budgets increase our portfolios should be well placed to benefit."
Oxford Hotels is currently managing the refurbishment of the Victorian-built 94-bedroom Great Northern hotel at King's Cross, which is set to open at the end of 2012 or early 2013.
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By Janet Harmer
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