JER Partners has acquired an Express by Holiday Inn at Stevenage in the UK to add to its Morethanhotels portfolio.
The purchase of the 129-room property takes to 12 the number of Express by Holiday Inns the firm operates in England since buying Morethanhotels in October last year.
Malcolm Le May, president of JER Partners in Europe said: “We have ambitious plans to grow the company and this acquisition demonstrates our continued commitment to the budget hotel segment of the market.”
Morethanhotels also operates properties in Bradford, Birmingham NEC, Bristol, Gloucester South, Lichfield, London-Wandsworth, Manchester, Newcastle MetroCentre, Peterborough, Stafford and Southampton West.
Debt was arranged by Royal Bank of Scotland and provided by Abbey and Allied Irish.
JER Partners is the private equity investment arm of the J.E. Robert Companies, a real estate investment management company.
The firm is investing out of JER Europe Fund III.