Z Hotels is exploring a potential sale as it looks to ‘test the industry’s post-Covid recover prospects’, according to reports from Sky News.
The London-based 11-strong hotel chain with sites in lucrative locations such as Covent Garden and Soho, has hired Knight Frank and Avison Young to take the business to auction with an asking price of almost £450m.
The process is said to be opportunistic – rather than distressed – following a number of unsolicited approaches for the business and will look to gage investors’ interest in the portfolio following the pandemic.
The company operates 11 sites in the capital, in Covent Garden, Piccadilly Circus, Shoreditch, Soho and Victoria, as well as hotels in Bath, Glasgow and Liverpool.
Z Hotels’ founders include Bev King, who launched the business alongside a number of former Thistle Hotels executives in 2011.
The founders are said to own roughly 80% of the shares.