Chardon exits management deal with Starwood Capital

Independent hotel management company Chardon Management says it has “concluded” its seven-year management relationship with privately held global investment firm Starwood Capital Group.
 
The company has managed four Holiday Inns, in Brighton, Leeds, Norwich and East Kilbride, since 2005. It is anticipated that a transfer of control of the hotels will be completed in December.
 
Chardon MD Robert Crook (pictured) said: “Having originally entered into a five-year arrangement, which was extended subsequently by a further three years, the conclusion of our relationship with Starwood Capital follows several months of discussions about the on-going management of the hotels.
 
“These discussions were set against a background of a perceived requirement for investment which we regard as key, given the intensely competitive markets within which these hotels operate in this challenging economic environment.”
 
Over the next three months Chardon Management says it intends to open three new hotels – in Windsor, Southend and Sittingbourne – and plans to expand its portfolio by 10 per cent per annum “by actively seeking further hotel management contracts with developers, investors and administrators”.
 
Chardon was recently chosen to manage the roll out of the new Puma Hotels’ Collection brand throughout the UK. The launch of this new brand follows the recent agreement by Spanish company Barceló to return ownership to hotel owner Puma Hotels after exiting from an agreement to operate 20 country house and four-star hotels across the UK.
 
Chardon also manages 35 hotels and seven health and fitness clubs throughout the UK.
 
Do you have news for CN? Email: pcolston@mashmedia.net