Bass has acquired the entire business of Posthouse from Compass Group for £810 million ($1.18 billion) in cash.
Posthouse consists of 79 mid-scale hotels with 12,300 rooms. Of these, 77 hotels are owned freehold or are held on long leases and two are management contracts. In addition, one new hotel will open in Oxford later this year. Seventy eight of the hotels are in the UK and one is in Ireland.
Many of the hotels have excellent locations at key motorway and other major road junctions, in city centres and at airports with a particularly strong network in the south east.
Bass will be able to add considerable value to the majority of these properties by upgrading them to its international Holiday Inn brand. This will enable them to benefit from the brand recognition, global reservation system and sales force of Holiday Inn. As a result of this, Bass anticipates substantial outperformance in revenue per available room.
TTN is the most established trade publication in the Middle East distributed on a controlled circulation basis to members of the travel and tourism industry.
Published monthly by Al Hilal Publishing and Marketing Group, the region’s foremost trade publisher, TTN is aimed at professionals in the industry, from travel agents to airline and hotel personnel.
TTN provides in-depth and extensive coverage of relevant issues in the Middle East and North Africa as well as in other parts of the world. Travel related news, analysis, and new appointments together with information on up-coming exhibitions, marketing and promotional campaigns are presented in an innovative and striking colour tabloid.
Every issue also contains a collation of international and regional news and topical features of interest to readers.