Former Mill House bosses buy hotels for £10million
Former Mill House Inns bosses Ted Kennedy and Ziya Akguneyli have acquired three hotels from Punch Taverns in a deal estimated to be worth around £10m.
The partners sold Mill House Inns to Punch for £164m last summer and have bought back three hotels, which offer a combined total of 125 rooms, that were part of the package.
The hotels acquired will be developed with targeted capex to ensure that they have a strong offering in all three sectors and the food will have a fresh touch. Ted Kennedy.
Their new company is called Pebble Hotels and they hope to acquire as many as 30 hotels over the coming years.
Pebble will focus on the provincial 3 star market and will drive the sales line across three key sectors:
• Accommodation in the premium budget sector• Functions, especially weddings• Destination Bar-Restaurant.
Kennedy said: "The hotels acquired will be developed with targeted capex to ensure that they have a strong offering in all three sectors and the food will have a fresh touch. In addition Pebble will invest in energy efficient systems to ensure that fuel costs are minimised along with our carbon footprint."
The three hotels bought from Punch are the White Swan in Stratford, The White Swan in Arundel and The Potters Heron near Winchester.
The third partner in Pebble Hotels is experienced leisure entrepreneur Philip Walters.
