Tristan Capital Partners' latest opportunistic fund European Property Investors Special Opportunities 6 (EPISO 6) has acquired a majority shareholding in Raag Hotels Limited, which owns Point A Hotels, according to a statement published on TristanCap.com.
The transaction will provide a full exit for the Wellcome Trust, while the other current shareholders, Queensway, which is a company associated with the Jivraj Family, and a company owned by Naguib Kheraj will remain as minority partners, according to the statement published on TristanCap.com, which also said that the Point A portfolio is comprised of 1,520 rooms in 10 hotels, with 80% of its value being in London, and that the independent budget boutique brand provides EPISO 6 with an immediate footprint across the best markets in the UK and Ireland in strategic locations near transport hubs.
Additionally, the statement published on TristanCap.com said that, under the new partnership, Queensway will co-invest and act as the hotel operator, asset manager and development partner for future sites, and the shareholders have committed significant additional equity to fund the next phase of growth of Point A Hotels with the goal of doubling the size of the estate over the medium term.
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The existing banks, HSBC and NatWest, are retained as lenders, and EPISO 6 was advised by BCLP, Maples, Brodies, PWC, Savills, Artelia and Longevity, while Raag Hotels was advised by CBRE, Eastdil, Derek Gammage, DLA Piper, BDO and Voisin Law, and Queensway was advised by GSC Solicitors, according to the statement published on TristanCap.com.
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