Scottish hotels group Chardon sold to Atlas
Scottish hotels group Chardon has been sold to Leicester-based Atlas Hotels for an undisclosed sum.
Chardon was founded by industry veteran Maurice Taylor in 1972, with daughter Nicola joining the company in 2003.
The group has almost 600 rooms across six hotels, all of which operated under IHG’s Holiday Inn and Holiday Inn Express brands in Dunfermline, Edinburgh (2), Glasgow (2) and Perth.
Chardon chief executive Ms Taylor said: “As a family, we have devoted most of our working lives to the hospitality industry. We have enjoyed great success, but my parents agree with my decision that it is now time for us to step back.
“With the sale, we have ensured the company remains in the very best of hands. Atlas is fully committed to the hospitality sector. The Atlas family of hotels share our integrity and values so we have no doubt this, coupled with their experience and expertise, will result in a very bright future.
“On a personal level, the success Chardon has enjoyed over the years is, in large part, down to the hard work and commitment which was continually shown by the team. Everyone played their part in making it a business to be proud of and we, as a family, thank them for that.”
Atlas Hotels’ acquisition of Chardon, supported by its affiliate L+R Hotels, has increased its portfolio to 60 hotels across the UK, totalling more than 7,400 bedrooms. It is the largest IHG franchisee in continental Europe.
Chief executive Sean Lowe said: “Our decision to acquire the Chardon hotels reflects our ambitious growth strategy to become the leading multi-brand platform for Select Service hotels in the UK, and we are excited to welcome the teams into the wider Atlas family.
“Despite the tough challenges of trading through the pandemic, our portfolio has remained cash positive, demonstrating the resilience of this sector. Our operating model has allowed us to quickly integrate new assets and provide a stable platform for recovery and growth.”
Burges Salmon advised Atlas Hotels, led by Edinburgh-based real estate partner Robert Forman.