IHL buys two Holiday Inn Express hotels for £26M

6 April 2016

IHL, the hotel and leisure focused property investment company, has acquired two Holiday Inn Express hotels in Redditch and Southampton from Meridian Leisure Hotels for a combined £26M.

The company purchased the 100-bed Holiday Inn Express Redditch in the West Midlands for £7M. The hotel opened in 2007 and recorded 75% occupancy in 2015.

The 176-bed Holiday Inn Express Southampton M27, Jct.7 was acquired for £19M. The hotel opened in 2003 and added a 45-bed extension in 2008. Occupancy was around 84% in 2015.

Both hotels are freehold purchases, benefit from new 20-year franchise agreements with InterContinental Hotels Group (IHG) and will be operated under management agreement by Redefine|BDL Hotels.

IHL is currently in negotiations to conclude a further acquisition and expects to announce details in due course.