play_arrow

keyboard_arrow_right

skip_previous play_arrow skip_next
00:00 00:00
chevron_left
volume_up
chevron_left
  • cover play_arrow

    Rother Radio (128k) Love Local, Love Music!

  • cover play_arrow

    Rother Radio (64K) Love Local, Love Music!

  • cover play_arrow

    Hit Music Radio (128K) More Music Variety!

  • cover play_arrow

    Hit Music Radio (64K) The Best Variety of Hits!

Business News

Starwood Capital among suitors for £850m staycations giant

today12/10/2021

Background
share close

One of the world’s biggest specialist real estate investors is mulling an £850m takeover bid for Park Holidays, the UK resort operator.

Sky News understands that Starwood Capital, run by Barry Sternlicht, is among the parties shortlisted by advisers to Park Holidays.

Starwood Capital joins the private equity firm PAI Partners and the Universities Superannuation Scheme, Britain’s biggest pension scheme, as bidders for the staycations giant.

At least one other investor is also part of the process, according to insiders.

Their interest in Park Holidays follows a decision by the investment firm Intermediate Capital Group (ICG) to hire HSBC and Royal Bank of Canada to run an auction of the company, which has seen its performance buoyed by demand for domestic vacations.

The company is the biggest operator of its type in the south of England, with 33 parks under its ownership, including at Dawlish in Devon, Felixstowe in Suffolk and Birchington in Kent.

It offers caravan and lodge holidays, touring and camping, and holiday home ownership.

More from Business

Last week, Sky News revealed that the Canadian owner of Parkdean Resorts was close to instructing bankers to prepare a sale of the company.

Other recent deals in the sector have included CVC Capital Partners buying Away Resorts – the owner of well-known holiday parks such as Whitecliff Bay on the Isle of Wight and Sandy Balls in the New Forest – and subsequently combining it with Aria, another operator.

Bourne Leisure, the owner of Butlin’s and Haven, was sold in February to Blackstone, another major buyout firm.

A Starwood Capital spokesman declined to comment.

 Sky News

© Sky News 2021

Written by: Rother Radio News


Previous post

World News

Three migrants lying on tracks killed after being hit by train in France

Three migrants have died after being hit by a train in southwest France while they were lying on the tracks.A police spokesperson said they had been on the train tracks near Saint-Jean-de-Luz at around 5am local time when they were hit by a train travelling to Bordeaux. Three died instantly, while a fourth migrant was seriously hurt.It was not clear why they were lying on the tracks, the spokesperson said.Two […]

today12/10/2021