Hilton London Olympia crowns Frogmore and C1 £150m acquisition spree

Frogmore and C1 Capital have bought the 405-bedroom Hilton London Olympia for £130m, the 146-bedroom Park Inn by Radisson Northampton for £15m and 97-bedroom Stifford Hall near Thurrock for £7.2m as part of a newly formed joint venture.

Frogmore and its partners have committed around £70m to reposition and rebrand or extend each hotel.

The acquisitions form the second tranche of acquisitions for its fund, FREP IV. Previously Frogmore acquired interests in Galliard Homes and three London residential developments for FREP IV.

"Our strategy is to source hotels which are under performing or in need of capital expenditure in order to revitalise the offering and improve the hotel performance," said Jo Allen, chief executive at Frogmore.

"We've worked alongside Gerard and his colleagues at C1 Capital for nearly 20 years and are delighted to be partnering with them on this initiative."

Gerard Nolan, chairman of C1 Capital, said: "Our long-term partnership creates the perfect union of Frogmore's development skills and their ability to gain planning consent with our operational skills to improve the assets. As a team we'll continue to identify hotel assets that can be repositioned and/or redeveloped."

C1 also co-invested in and asset manage hotels through out the UK including South Place and County Hall Park Plaza in London and the Tamburlaine in Cambridge.