Interstate Hotels & Resorts announced the signing of 18 management agreements for a portfolio of U.K. hotels owned by an affiliate of Cerberus Capital Management. Based in Birmingham, England, Interstate’s U.K. division now comprises 59 hotels, including signed pipeline, throughout the United Kingdom.
The 18-hotel portfolio encompasses 2,443 guestrooms consisting of Holiday Inn and Crowne Plaza branded hotels. Fifteen hotels will transition to Interstate management immediately, and three hotels will transition in the next few months.
“The U.K. continues to be a priority strategic growth area for Interstate, and it is gratifying to see our portfolio expand in the region through a new relationship with a world-class owner,” said Jim Abrahamson, chief executive officer of Interstate Hotels & Resorts. “Our formidable and owner-centric U.K. team — supported by Interstate’s global scale and experience — will successfully transition and operate these hotels, generating increased profitability and optimized asset value for our client.”