Maurice Taylor to focus on hotel ownership as Chardon goes to Interstate
By Gillian McKenzie
SCOTS hotelier Maurice Taylor is to focus on hotel ownership following the sale of his Chardon Management firm to US-based Interstate Hotels & Resorts.
The deal, concluded last week, was for Chardon Management’s portfolio of 32 hotels, which includes brands such as Holiday Inn Express, Holiday Inn, Hotel Indigo and Best Western as well as independent hotel brands.
Taylor and his family have interests in 18 hotels, including six 100 to 150-bedroom properties which are wholly-owned; two of those are new-build projects.
The hotels will now be managed by Interstate.
Speaking to SLTN last week, Taylor, who set up Chardon Management 12 years ago, said the deal will see him focus on the property ownership side of the hotel industry.
“It is a cultural change for me but it is my team who have that platform in the UK and that makes it an easier pill to swallow,” he said.
“I wasn’t looking to sell [Chardon Management].
“I bumped into Jim Abrahamson [Interstate Hotels & Resorts chief executive officer] and said I was looking for financial backers to help grow Chardon further.
“It went from me trying to get introductions to financial institutions to us putting the two companies together.”
Nicola Taylor, director at Chardon Management, who will now serve in an advisory capacity, said: “Chardon’s relationship with Interstate ensures a really successful future, providing our staff, owners, investors, associates and, ultimately, our guests with the best experience possible in the UK and Ireland hospitality industry.”
Chardon Management MD Robert Crook will lead Interstate’s UK team, reporting to Ken McLaren, executive vice president of international operations.
Interstate chief executive officer Jim Abrahamson said the acquisition takes Interstate’s UK portfolio to 47 hotels, either open or under development.
“With this acquisition, we believe Interstate is now the pre-eminent hotel management company in the UK and Irish markets, offering institutional and private investors a world-class hotel management platform,” he said.
Leslie Ng, chief investment officer at Interstate, said: “We’re looking forward to managing this expanded portfolio with best-in-world experience, strong brand relationships and institutional-quality systems.”