Skip to content
Search

Latest Stories

Tristan Capital acquires Point A Hotels in £420m deal

Tristan Capital acquires Point A Hotels in £420m deal

THE latest opportunistic fund by Tristan Capital Partners has acquired a majority stake in Raag Hotels, which owns Point A Hotel, for £420 million. 

The European Property Investors Special Opportunities 6 fund by Tristan Capital will own the property along with minority partners Queensway, a company associated with the Jivraj family, and a company owned by Naguib Kheraj, a statement said.


Following the deal, Wellcome Trust will exit from the hotel group, which has 1,520 rooms in 10 hotels in strategic locations near transport hubs, with 80 per cent of its value in London.

According to the statement, the independent budget boutique brand provides the fund with an immediate footprint across the best markets in the UK and Ireland.

Queensway will co-invest and act as a hotel operator, asset manager and development partner for future sites.

The shareholders will pump additional funds for the next phase of growth of Point A Hotels, and they plan to double the size over the medium term.

Kristian Smyth, executive director, investments at Tristan Capital Partners said:  “All the hotels are strategically situated in city centres within vibrant neighbourhoods, close to demand generators including business districts, tourist attractions and event venues.

Our ambition is to materially grow the platform in the UK and Ireland alongside the Queensway team with 2-3 acquisitions per year with the objective of doubling the portfolio in the medium term.”

Naushad Jivraj, CEO, Queensway said: “Under the management of Queensway Hotels, the Point A Hotels brand has developed a high-quality product at a great value, generating positive customer feedback resulting in strong occupancy levels.

Wellcome Trust has been an excellent partner to work with over the past eight years and we are pleased that this transaction has produced a successful outcome for them."

Lisha Patel, managing director, investment division at the Wellcome Trust said: “Our participation in the significant growth and evolution of the Raag Hotels business has produced strong returns over the life of our investment.

"The strength and quality of the Point A Brand, the hotel portfolio and the Queensway management team attracted very keen interest from institutions to acquire our shareholding and we are confident the business will continue to perform well and deliver excellent guest experience under new ownership.”

More For You

London business district
A general view shows the London's financial district from an office window in Canary Wharf. (Photo: Getty Images)

Economy grows 0.1 per cent in fourth quarter, defying expectations

THE UK economy expanded by 0.1 per cent in the final quarter of 2024, contrary to forecasts of a contraction, according to official data released on Thursday.

The growth, supported by a stronger-than-expected 0.4 per cent rise in December, offers some relief to chancellor Rachel Reeves as she navigates broader economic challenges.

Keep ReadingShow less
BP-Reuters

Fourth-quarter profit dropped 61 per cent compared to the previous year, marking BP’s weakest results since Q4 2020, when the pandemic reduced global oil demand. (Photo: Reuters)

BP reports lowest quarterly profit in four years, plans strategy reset

BP reported a quarterly profit of £943 million on Tuesday, falling short of expectations and marking its lowest in four years.

The company said it plans a "fundamental reset" of its strategy, days after reports that Elliott Management had taken a stake in the oil major.

Keep ReadingShow less
Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less
Northern-Superchargers-Getty

Ben Stokes and Matthew Short of Northern Superchargers walk out to bat during The Hundred match between Manchester Originals and Northern Superchargers on August 11, 2024 in Manchester, England. (Photo: Getty Images)

Sunrisers Hyderabad to acquire Northern Superchargers in £100 million deal

INDIAN Premier League franchise Sunrisers Hyderabad is set to become the first full owners of an English Hundred team after agreeing to buy Yorkshire’s Northern Superchargers for a reported £100 million.

The Sun Group will be the third IPL-linked investor in the eight-team Hundred competition, following Reliance Industries, which owns Mumbai Indians, and RPSG, which runs Lucknow Super Giants.

Keep ReadingShow less
BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less