Twenty-five years of complex transactions

1. April 2014AcquireUnder-invested, with strong repositioning potential
2. 2014–15Invest & reposition£11m invested in rooms, public spaces and riverside activation
3. 2015–16OptimiseOperational improvements, stronger trading, additional development potential uncovered
4. August 2016ExitValue per key grown from £119k to £200k

An under-invested Hilton hotel in London’s Docklands, acquired at an attractive yield with strong waterfront fundamentals. Repositioned through targeted capital investment and operational improvement, leveraging the Hilton brand and global distribution. EBITDA rose from £4.4m to £5.3m despite refurbishment disruption, and the exit delivered a 29% post-promote IRR through the uncertainty that followed the Brexit vote.

1. December 2023AcquireBought out of administration: under-managed, weak trading, poor reputation
2. 2023–24Develop strategyDesign, operational and brand turnaround; more rooms; streamlined operating costs
3. 2024–25Create valueRefurbishment, commercial repositioning, planning permissions secured
4. December 2025Align exitHotel absorbed into the investor’s existing brand; owners retained the asset

Exceptional real estate fundamentals with a chronically underperforming operation. The platform was rebuilt with new leadership, revenue management and payroll discipline; guestrooms, spa and public areas were refurbished while the hotel continued to trade. Planning consent was obtained for a destination spa, 48 woodland lodges and expanded golf facilities. Branding interest was secured from Hilton, IHG and Marriott lifestyle brands as well as SLH, and the repositioning collected Scottish Hotel Awards, Condé Nast Traveller Readers’ Choice recognition and World Travel Awards along the way.

1. December 2013AcquireCyclical low point, strong initial yield, limited downside risk
2. 2014Develop strategyLease optimisation, redevelopment potential, multiple exit scenarios
3. 2014–17Create valueActive asset management and site optimisation; occupancy up from 80% to 85%, ADR from £64 to £68
4. May 2018ExitSold at £29.8m; value per key up from £88k to £141k over the hold

Acquired at a cyclical low with a strong initial yield and a weak tenant, creating the opportunity to unlock value through active asset management. Cash flow was maintained throughout the hold while redevelopment options were evaluated and the asset was positioned for an institutional exit at a significantly increased valuation.