We are excited to announce that, as of Friday the 27th of February 2015, Somerston Hotels has changed its company name to Atlas Hotels. The change of name has been triggered by the recent acquisition of the company by private equity firm Lone Star. This acquisition now puts the former Morethan Hotels portfolio (previously managed for Lone Star by Somerston Hotels) and the Somerston Hotels portfolio under the same ownership, complete with a new name and identity.
Atlas Hotels will continue to be operated by the former Somerston Hotels management team, led by Managing Director, Keith Griffiths. While the Somerston Group is no longer a shareholder in Atlas Hotels, the heritage and strength of the relationship between the two organisations means that Somerston Capital, led by its Managing Director, Shaun Robinson, will continue as strategic advisor on the portfolio.
Atlas Hotels, in conjunction with Somerston Capital, has signed a Multiple Development Agreement with InterContinental Hotels Group (IHG®), which extends the life of the current franchise agreements by a further 15 years and also sets out the joint plan to develop a minimum of 1,000 additional IHG® bedrooms by the end of 2018.
Atlas Hotels also plans to continue to develop additional Hampton by Hilton hotels with Hilton Worldwide.
Somerston Capital will be the developer of new build projects with responsibility for site acquisition and the provision of development management services to Atlas Hotels. In excess of 850 rooms are currently under contract or in advanced negotiation.
Atlas Hotels currently owns and operates 47 Holiday Inn Express and one Hampton by Hilton hotel; the 48 hotels have 5,725 bedrooms and are located in key business and leisure destinations throughout the United Kingdom.
These growth plans will lead to a portfolio of in excess of 60 hotels with some 7,500 rooms within the next few years.
Keith Griffiths, Atlas Hotels' Managing Director, commented: "We are delighted to be combining the portfolios under the Atlas Hotels name. The values and identity of the company will remain as strong and clear as they have always been and our mission continues to be one of achieving success by putting guest experience and satisfaction at the heart of our business.
"2014 was an exciting year for the company with significant financial growth, above-market RevPar increase for the third consecutive year, record levels of guest and employee satisfaction and a big increase in the size of the company.
"We will now embark on further growth through building out our substantial development pipeline, whilst also keeping a look out for acquisition opportunities. We can't wait to get started on the next phase of the company's growth and development."
Shaun Robinson, Managing Director at Somerston Capital, also commented: "We are excited to continue to work with Atlas Hotels to grow the portfolio through both development and acquisition to help to achieve the objectives of the enlarged group.”