UK - Zeus completes £50m first investment

The deal, which also includes funding from Hermes Private Equity, will see the new company acquire underperforming 3-star hotels and converting them through a combination of operational improvement and refurbishment into 4-star hotels. The first addition to the portfolio is the 81-bedroom Belfry House Hotel in Handforth, near Manchester Airport, with refurbishment expected to commence in early 2008. At least three further hotels are expected to be acquired before the end of the year. Allied Irish Bank provided senior debt facilities to support the transaction.

Zeus' maiden fund, set up to invest in regional business with an enterprise value of up to £50m, held a second close on £65m in June and expects to announce its final close before the end of the year.

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