New Hotel Group Buys 8 Folio Properties

Akkeron Hotels, a recently formed hotel group, was just announced after eight previously owned Folio hotels were purchased. The newly formed hotel group plans to expand its portfolio to include 150 regional hotels around the UK. The new hotel chain will be responsible for leasing, owning, and managing contracts on all the affiliated hotels.

Chairman of the newly formed Akkeron, James Brent, stated that the hotel market in the UK by region is currently a good investment opportunity for businesses in the industry since it combines mutual access to debt finance and equity, as well as incorporates management experience.
Akkeron Hotels will now capitalize on those very market conditions Brent discusses by expanding regionally within the UK, and the current agreement reached with Folio will allow the newly formed hotel group to draw on Folio’s first class managerial team as well as their finance expertise.

Last year Folio Hotels had to go into administration after suffering heavy losses but was subsequently bailed out by another management team. The properties acquired by Folio Hotels are geared towards a four-star clientele which has its base in nearly 60 percent being business guests.

Properties acquired by Akkeron include The Yorkshire Hotel in Harrogate, Makeney Hall in Derbyshire, Cedars Health and Leisure Club in Richmond-upon-Thames, The Caledonian Hotel in Oban, and the Harte & Garter Hotel & Spa in Windsor.