Investment firm Tristan Capital Partners has acquired a majority shareholding in Raag Hotels, which owns the Point A Hotels brand, with plans to double the number of properties.
The Point A portfolio includes 10 hotels with a total of 1,520 rooms, primarily in London as well as other cities in the UK and Ireland.
The purchase will see the end of Wellcome Trust’s investment in the company, although Queensway will remain as a minority shareholder.
Under the new partnership, Queensway will co-invest and act as hotel operator and development partner for future Point A Hotels locations.
The new ownership said it would commit “significant additional equity to fund the next phase of growth of Point A Hotels”, with the aim of doubling the number of hotels “over the medium term”.
Kristian Smyth, executive director, investments, at Tristan Capital Partners, added: “The acquisition of this hotel platform reflects our wider hotel strategy of partnering with best-in-class operators in market segments that are resilient to market volatility with substantial growth potential.
“All the hotels are strategically situated in city centres within vibrant neighbourhoods, close to demand generators including business districts, tourist attractions and event venues.
“Our ambition is to materially grow the platform in the UK and Ireland alongside the Queensway team with two to three acquisitions per year with the objective of doubling the portfolio in the medium term.”