Topland Snaps Up $139M In Menzies UK-Based Hotel Assets

Law360, New York (December 02, 2013, 4:36 PM ET) -- Billionaire-backed private equity and real estate investment firm Topland Group Holdings Ltd. has struck an £85 million ($139 million) deal to scoop up a portfolio of troubled Menzies Hotels Group's U.K.-based assets, the buyer said Monday.

Topland will buy up 12 hotels and Menzie's head office, taking them out of Menzies' bankruptcy restructuring proceedings, according to the deal. The acquisition helps save a 1,200-job operation and gives Topland an important new foothold in the U.K. lodging industry, Topland said in a statement.

"This acquisition was an...
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