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UK hotel group, Paramount Hotels, is soon to come under new management as privately owned Spanish hospitality company, Barcel”, takes over the leasing and management rights across the company”s portfolio.
Paramount owner, Dawnay Shore Hotels (DSH), has signed a long-term 45-year agreement with Barcel” for all 20 hotels in the Paramount portfolio, located throughout England, Scotland and Wales.
A spokeswoman for DSH told ABTN that while the properties will continue to be owned by DSH, with the potential to acquire further hotels, the branding of Paramount”s existing portfolio had yet to be decided.
Re-branding the hotels is ”up for consideration,” she said. ”At the moment it”s business as usual, but there”s a possibility Barcel” may change the name depending on how it sees best to market the hotels.”
The deal marks Barcel”s first entry into the UK market, although it currently operates some 130 hotels in 14 countries including Spain, the US, the Czech Republic, Turkey and Switzerland.
DSH expects the agreement to increase shareholder value and allow the company to expand its hotel portfolio, with its Barcel” alliance to play an important part in DSH growth.
”We are delighted to have concluded this value-enhancing transaction after a careful review of all the options,” said DSH director, Howard Shore. ”As a result, shareholders will be able to have the benefits of their investment whilst continuing to benefit from significant real estate potential.”