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Menzies Hotels is to invest £7m refurbishing many of its 15 hotels, including the Welcombe Hotel Spa & Golf Club in Stratford-upon-Avon.
Menzies Hotels has been sold to management in a pre-pack administration through KPMG, securing the future of 1,300 jobs at its chain of 16 hotels.
Menzies Hotels has acquired eight Thistle hotels in Birmingham, Swindon, Luton, Stevenage, Manchester, Gatwick, Irvine and Aberdeen from Curzon Hotel Properties for £54m, and will invest £12m in their refurbishment.
Menzies Hotels is to be acquired by a new private equity partnership called Piccadilly Hotels for £180m, and a further £180m will be invested in the expansion of the 16-strong chain of hotels.
Menzies Hotels is to acquire the Best Western Milton Hotel & Spa in the centre of Glasgow for about £14m.
Menzies Hotels, the chain of 14 four-star hotels, has been acquired by Nikko Principal Investments for £120m.