October 11, 2007

Famous Names Buy Hotels

A property investment fund with some famous backers is in talks with Queens Moat Houses and Kew Green Hotels with a view to take a package of 19 hotels from both of the groups. In a deal that is believed to be worth something in the region of £600 million.

The surprising backers of the aAIM are Sir Alex Ferguson, Man Utd Manager and every singer’s nightmare Simon Cowell. The business was started in 2003 and is already in the hotel business as they acquired the Menzies Hotel group in 2006 for a price of around £180 million.

Lets hope that the management style of the company is nothing like that of the backers!

Source [Times Online]