European property investment and management firm LRC Group has acquired Glasgow-based Amaris Hospitality, with plans to add seven UK-based Hilton-branded properties to the company’s portfolio.
LRC will acquire the hotels from Oaktree Capital Management, all of which operate under the Doubletree by Hilton brand, with the transaction expected to close later this year.
Amaris will become LRC’s new hotel investment and management platform and will manage the new properties, bringing its portfolio to 30 hotels.
The seven hotels included in the deal are located in Bristol, Strathclyde, Southampton, Dartford, Newbury, Coventry and Edinburgh airport. They represent more than 1,000 rooms, conference facilities and 900 employees.
LRC says it plans to grow the Amaris portfolio to more than 50 properties.
Along with the acquisition, Amaris announced the appointment of Peter Stack as MD, having previously headed up asset management for the group. Other members of the new leadership team include commercial director Stephanie Gosling, senior operations director David Webster, and head of human resources Kirstine Rowland.
John Brennan, new chairman of Amaris Hospitality, said: “I am really looking forward to taking up this role on behalf of LRC and to working with the investors and the board in supporting Peter and his leadership team as the pursue their ambitious plans for the business.”
Chris Dimitriadis, spokesman for LRC, added: “We are delighted to welcome Amaris Hospitality into the LRC Group and look forward to working with Peter Stack and his very experienced team, who have a proven track record of delivering exceptional results.”
amarishospitality.com; lrceurope.com