China-based HK CTS Metropark Hotels Co. purchased UK hotel company Kew Green Hotels. The purchase price was not disclosed.
The deal follows Kew Green being established as the largest Holiday Inn franchisee in Europe. Kew Green owns 44 UK hotels and manages an additional 10 UK properties for other owners.
“We are delighted that HK CTS Metropark Hotels has chosen to invest in Kew Green,” said Paul Johnson, CEO of Kew Green, in a statement. “Their support will allow us to continue our aggressive growth strategy as well as giving us access into the rapidly growing Chinese tourist market.”
This sale also marks the end of Goldman Sachs’ and TPG Special Situations Partners’ association with Kew Green, which they acquired in 2013.