Ei Group agreed to sell commercial property portfolio
Ei Group has agreed to sell its commercial property portfolio to US-based hedge fund Tavern Propco for £348m. The Morning Advertiser reports that 370 sites out of its 412 commercial properties will be sold, which include both free of tie pubs as well as pubs that have been converted to alternative uses. Ei Group commented that the disposal would enable growth in its core divisions, Publican Partnerships and Managed Operations and Managed Investments, as well as reduce its debt.
Village Hotels to expand to 50 sites
Village Hotels has announced intentions to expand the group to 50 hotels in the UK by 2026, according to The Caterer. The £480m investment plans will see five hotels open in the next two years, with hotels already set to open by 2020 in Cambridge, Slough, Milton Keynes, Southampton and Basingstoke. Village Hotels currently operate 30 UK hotels and is owned by US-based hospitality specialist fund KSL Capital Partners.
Rosa's Thai Café plans expansion after growth in turnover and EBITDA
Rosa's Thai Café has announced expansion plans, aiming to open eight restaurants a year and grow outside of London. Propel reports that, for the year ending 31 March 2018, Rosa's Thai Café's turnover increased to £11,754,000, compared to £8,198,000 in the previous year; whilst EBITDA increased from £1,380,000 to £1,647,000.
East London Pub Co. opens new Spitalfields pub
East London Pub Co. has opened its latest site in Spitalfields market in London. Their estate already includes The Lock Tavern in Camden as well as the Ten Bells in Spitalfields, which will be joined by The Gun. Pub and Bar reports that East London Pub Co. is owned and founded by Patrick Frawley and has had backing from Star Pubs and Bars.
Mondrian London becomes independent
The Mondrian London hotel, located on London's Southbank, now operates as an independent hotel, severing their management agreement with SBE Entertainment Group. The Caterer reports that the 359-bedroom hotel will now be known as Sea Containers London and be managed by Lore Group, the management arm of the hotel's existing owner, who operate hotels in both Europe and the US.
Red Mist Leisure, a pubco founded by friends Mark Robson and Mark Williams in 2004, has purchased its tenth site. The Morning Advertiser reported that Red Mist will convert a Brasserie Blanc site in Farnham, Surrey, with intentions to open under a new name in February.