The Zakay brothers’ Topland Group has sold its Hallmark Hotels business to a consortium of overseas investors for around £250m.
The sale was first revealed by The Times today and has been confirmed by Topland.
An Israeli investment fund working with LGH Hotels Management has bought the portfolio of 26 hotels.
Topland bought the Hallmark Hotels luxury four star hotel portfolio for circa £75m in 2014, taking Topland’s hotel portfolio to 30 hotels across the UK.
Hallmark comprised eight four star hotels – 730 rooms, with 600 employees across the UK including Croydon, Manchester and Gloucester. Its hotel business includes Bath’s Royal Crescent Hotel, the Brighton Metropole, the Glasgow Hilton and a portfolio of Thistle Hotels.
Topland added the Hallmark hotels to the platform of the Menzies portfolio acquired in November 2013.
In a statement Topland, which is run in the UK by Sol Zakay, said it was ‘actively looking for new opportunities on individual or portfolio hotel acquisitions, hotel development, hotel financing and hotel joint ventures as well as to expand the current portfolio of Hilton and Thistle Hotels.’