Property investor and owner of Arora International Hotels, Surinder Arora, has acquired 33 assets from the Airport Property Partnership (APP) in a deal worth £309m.
The acquisition, made through parent company Arora Family Trust (AFT), is part of a long-term investment strategy for the development of the hotel brand.
APP, a joint venture between BAA and Morley Fund Management, sold AFT a 30-strong portfolio of properties for £236m. The deal also included a further three properties, which are currently being built, priced at £73m and are expected to be completed this autumn.
The assets include development sites near BAA UK Airports as well as commercial investments.
Surinder Arora said: "This is a significant asset consolidation which will bolster the business plans we have for Heathrow, Gatwick and other UK airports."
Funding was sourced from the Bank of Ireland Corporate Banking, Abbey National Services and AIB Group (UK).
Mark Manners, property director of Arora Management Services, said: "We are very pleased that in the current climate and with the credit crunch almost daily in the news, we have been successful in assisting the directors of the AFT to raise finance to complete a property transaction of this size."
Arora has just opened its latest five-star Sofitel hotel at Heathrow's terminal 5 and is currently working on a 170-bed hotel at the Brit Oval, which is expected to open in 2010.
