London-based hotel and pub operator Fuller Smith & Turner PLC agreed to acquire Cotswold Inns and Hotels Ltd. for a total consideration of £40 million, according to an Oct. 23 release.
Cotswold Inns & Hotels in fiscal 2018 posted £17.5 million in acquired generated revenue and an EBITDA of £3.4 million with a gross asset value of £31.5 million.
Fuller said the acquisition includes seven hotels and eight freehold staff cottages in the Cotswolds area, as well as two leasehold bars in Birmingham. All Cotswold employees will join Fuller after the acquisition.
An eighth hotel called The Broadway Hotel is excluded in the purchase and will be retained by its current owners, according to the release.
In a statement, Fuller CEO Simon Emeny said the acquisition will boost their premium hotel portfolio with an additional 201 rooms. He also expects the purchase to be earnings accretive in the first year.
The transaction is expected to close Oct. 31.