The Fairtree Hospitality Real Estate Private Equity Fund has purchased four hotels in the South West after securing £16m worth of financing from NatWest.
The fund, managed by international asset management company Fairtree Capital, has bought the hotels in locations throughout the region, including the Queens Hotel and the Palace Hotel in Paignton, Headland Hotel in Torquay, and Northfield Hotel in Minehead.
Providence Hospitality, a UK-wide hospitality management company, has secured contracts to manage all the properties owned by Fairtree in addition to its presence in South Africa.
The funding will safeguard the hotel businesses for the future, and create new jobs; the hotels plan to hire locally and use suppliers from communities across the South West. The investment will also boost tourism as visitors flock to experience hotel getaways in the region.
Joe Bester, Director of Providence Hospitality, said: “Providence prides itself on the highest quality of customer care, and we are keen to maintain our reputation in these new locations.”
The Fairtree Fund owns two further hotels in Cornwall – The Old Quay House and The Rosevine. Recently reviewed by The Telegraph, The Rosevine was given a 9/10 rating for its ability to infuse the “comforts of a luxury hotel with the independence of your own apartment”, and received praise for its service, style and value for money.
Kobus Nel, Director of Fairtree Capital, said: “The funding we received from NatWest has allowed us to expand our reach across the South West of England, and marks the beginning of an exciting journey.”
Elizabeth Stansfield, NatWest Relationship Manager, said: “Fairtree has ambitious plans to build a quality hotel portfolio throughout the UK and we have no doubt that these new acquisitions will benefit from their expertise. NatWest is confident that these hotels are in safe hands with Fairtree, and it was extremely rewarding to have been able to assist them in this venture.”