Christie + Co advise on largest Chinese hotel transaction in the UK
Businesses sold
Specialist property adviser Christie + Co has assisted HK CTS Hotels, a wholly-owned subsidiary of China National Travel Service Group Corporation, on the purchase of Kew Green Hotels Ltd. The portfolio is comprised of 44 owned assets totalling 5,179 rooms as well as its managed hotels business of 10 hotels.
The sale is the largest Chinese hotel transaction in the UK.
Christie + Co, through their Asia desk, has worked closely with CTS as the company looks to broaden their investment in the UK. Christie + Co assisted CTS with their market due diligence and provided strategic advice, including pricing advice, throughout the purchase process with particular support coming from Dr. Joanne Jia, Head of Christie + Co - Investment (Asia).
Chris Day, Managing Director of Christie + Co comments: “Given our extensive knowledge of the Kew Green portfolio, our Corporate Hotels team have been instrumental in providing strategic advice and due diligence to CTS in what is an exceptional deal for all parties. The sale demonstrates the increasing appetite of Asian investors for high profile UK properties.”
Jeremy XU Muhan, Chairman of HK CTS Metropark Hotels comments: “The purchase of Kew Green is a tremendous acquisition that provides us with a strategic growth platform within the UK and Europe. Investing overseas is one of the key strategies for HKCTS to expand its tourism business particularly as there are increasing outbound Chinese travellers to the UK and European markets. We received great support and professional service from our advisers including Christie + Co and we are committed to expansion in the UK and other parts of Europe and as further opportunities arise we will consider them. We look forward to working closely with Christie + Co in the future.”
Paul Johnson, Chief Executive Officer of Kew Green added "We are delighted that HK CTS Metropark Hotels has chosen to invest in Kew Green. Their support will allow us to continue our aggressive growth strategy as well as giving us access into the rapidly growing Chinese tourist market."
