HMT Corporate Finance, led by partner Andrew Thomson, introduced the Hallmark Hotels Group (“Hallmark”), backed by Palatine Private Equity (“Palatine”), to the opportunity to acquire the Aerodrome Hotel based in Croydon, for an undisclosed sum. HMT both sourced the opportunity and advised Hallmark throughout the negotiations with the vendors.
Palatine established the Hallmark Hotels Group in October 2007 with the aim of acquiring underperforming three-star hotels and converting them into four-star luxury hotels. The Aerodrome is the eighth to be acquired by the Group that already operates hotels in Bournemouth, Carlisle, Derby, Gloucester, Hull and Manchester.
The Aerodrome Hotel, which will be known as the Hallmark Croydon, will undergo a £2 million refurbishment and a significant programme of operational improvement. Originally built in 1928 to serve the airport, then in Croydon, it has a well loved heritage. The hotel has 109 bedrooms, restaurant, bar and fully equipped meeting and conference facilities.
Tony Dickin, partner at Palatine Private Equity, said:
“We are very grateful to HMT for alerting us to this opportunity and helping us in our successful discussions with the vendors.”
Andrew Thomson commented:
“We are delighted to have introduced this opportunity to Hallmark and Palatine, which allows them to continue their rapid expansion.”