
Pan-European private equity group Patron Capital announced on Thursday that it bought seven former von Essen properties from their administrators for $60 million as part of a joint venture.
Patron is financing 95% of the equity, while its JV partner Halcyon Hotels and Resorts will manage the properties. Like its September purchase of the 24 Jarvis Hotels, Patron is making a long-term investment in U.K. hotel assets.The hotels will be flagged under the Luxury Family Hotels brand, except Thornbury Castle, which will undergo a rehabilitation. Halcyon Hotels and Resorts specializes in luxury family hotels and resorts. Polurrian Bay Hotel (41 guestrooms) at Mullion in Cornwall, which was acquired by Halycon Hotels and Resorts earlier this year, will also operate under the Luxury Family Hotels brand.“This transaction is a true turnaround situation that will require a strong capital partner, a highly experienced hotelier who truly understands the market and a business plan that focuses on improvement of all areas of the hotels,” said Josh Wyatt, investment director of hospitality and leisure at Patron. “We believe these properties have significant potential and can be returned to profitability through substantial investment in terms of refurbishment and service improvement.”Four of the hotels were owned by Chapman until 2005.They include:-* Woolley Grange at Woolley Green, Wiltshire (26 rooms) -* Moonfleet Manor at Fleet, Dorset (36 rooms) -* Fowey Hall at Fowey, Cornwall (36 rooms) -* The Elms at Abberley, Worcester (23 rooms) -* New Park Manor at New Forest, Hampshire (24 rooms) -* The Ickworth at Horringer, Suffolk (39 rooms, pictured above) -* Thornbury Castle, near Bristol (27 rooms)The hotels will be flagged under the Luxury Family Hotels brand, except Thornbury Castle, which will undergo a rehabilitation. Halcyon Hotels and Resorts specializes in luxury family hotels and resorts. Polurrian Bay Hotel (41 guestrooms) at Mullion in Cornwall, which was acquired by Halycon Hotels and Resorts earlier this year, will also operate under the Luxury Family Hotels brand.