The Hut Group, the rapidly expanding online health and beauty business, has acquired the city’s King Street Townhouse and Great John Street boutique hotels.
THG, which is currently amidst a project to build out a 1m sq ft campus at Airport City, last year acquired Hale Country Club & Spa and has now added Eclectic Hotel Group, comprising the pair of boutique Manchester hotels, for a total said to be around £50m.
The hotels boast a combined 70 bedrooms along with events spaces including lounge and bar areas and rooftop terraces, which THG said would be utilised to “make its brands come to life” and drive customer engagement.
THG, headed by Matthew Moulding, said it will spend £10m on refurbishment at the hotels..
The Eclectic Hotel Group was set up by, and acquired from, Eamonn and Sally O’Loughlin, who will continue to operate Didsbury House Hotel and Eleven Didsbury Park, which were not included in the transaction.
Eamonn O’Loughlin, founder of the Eclectic Hotel Group, said: “Without the support and commitment of our many fantastic employees over the past 20 years, none of this would have been possible.
“While it has been a difficult decision for us to take, we feel both hotels are going into the best of hands with Matthew and his team and we are extremely proud of the portfolio that we have built over the years.”
THG was advised by KPMG and Deloitte on financials and Gowling WLG on legals. The vendor was advised by Convex Capital and Freeman Fisher.