Shore Capital brings in CDR

Shore Capital has called in Citigate Dewe Rogerson to advise on the £215m acquisition by Dawnay Shore Hotels of the Paramount chain of 13 UK provincial hotels from Alchemy Partners.

The deal, announced two weeks ago, took place at the same time CDR advised The Hotel Corporation, which invests in Dawnay Shore Hotels, on its AIM listing.

A team of four, led by CDR MD Patrick Donovan, is handling City PR for the deal.

CDR director Victoria Brough said: ‘The listing of the Hotel Corporation allows retail investors to have access to a private equity vehicle. It is an innovative transaction and because of that we are delighted to be working on it.’

The Paramount chain consists of 13 hotels throughout Britain, including the Marine Hotel in Troon, host to this year’s British Open golf tournament, and the Imperial Hotel in Torquay.

Dawnay Shore Hotels is expected to trade as such for up to five years with the management seeking to crystallise value for shareholders through a trade sale, transfer of properties into a Property Investment Fund or through seeking a flotation.

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