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Connection Capital, Riverside Capital partners for Cresta Court Hotel acquisition

25 Feb 2013

  Private equity firm Connection Capital has partnered with property investment group Riverside Capital to acquire Cresta Court Hotel in Altrincham, UK.

The deal, which includes the hotel’s operating company, Harrop Hotels, was signed for £2.9m.

Connection Capital clients have invested £2.05m of equity, while the new management team, Longrose Buccleuch Management and previous Opco owner are providing the remainder of the equity. Santander is providing a further £1.7m as a loan facility.

Claire Madden, founding partner, Connection Capital, said, “This is an excellent investment for our clients particularly as the new management team has a strong business plan for growth. This will be supported by a major refurbishment and rebrand which will undoubtedly drive more long term value in the business”

Connection Capital is a private client investment business launched in 2010. It provides investors with the ability to invest on a deal by deal basis as part of an organised syndicate. It has £135m of funds under management. Earlier this month it completed the £9m management buy-out of TeamSport Racing, the largest operator of go-kart tracks in Europe.

Riverside Capital specialises in property investment and asset management. The business manages property assets with a value of more than £385m across commercial offices, industrial, hotels, residential, ground rents and wind farms in the UK and Channel Islands.

In 2012, in a 50:50 joint venture, Connection Capital and Riverside Capital acquired the business and assets of Hotbed, at the time the UK’s largest high net worth property and private equity syndication business.

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