SIDRA Capital, the Sharia-compliant asset manager based in Saudi Arabia, has transferred the management of its Heathrow T5 hotel property to leading UK hotel management and services company, RBH.
The UK firm has been tasked with overseeing a phased refurbishment of the 297-bed facility as well as rebranding it from Travelodge to Accor’s ibis Budget Heathrow T5. RBH will also manage the hotel’s commercial operations once rebranding is complete. Sidra Capital was the first Landlord to terminate its relationship with Travelodge after the recent CVA.
“We acquired this undermanaged hotel with the long run intention of re-branding to realise its full potential,” explained Hani Baothman, Chairman of Sidra Capital. “The Travelodge CVA has provided an early opportunity to progress the strategy and we look forward to working with RBH and Accor to bring this new offering to Heathrow and the travel and leisure market. We are investing additional capital to ensure the hotel meets the demands of a future thriving market.”
Sidra Capital selected RBH as their delivery partner based on the hotelier’s reputation and its portfolio of more than 45 branded and independent hotels that includes top brands such as IHG, Hilton, Accor, Marriott and Wyndham.
Susan Bland, Managing Director at RBH, said: “We’re excited to extend a warm welcome to the hotel team as they become part of the RBH family, and cannot wait to see the property transformed over the coming months.
“Not only does this represent yet another step in our growth alongside franchise partner, Accor, it also signals RBH’s return to the Heathrow market, where we opened our very first hotel in 2000.”
The capital works on the property will be overseen by RBH’s Chief Technical Officer, Gregor MacNaughton, and his team.
“I am delighted to work with the team at Sidra Capital on what will be the fifteenth hotel rebrand managed by my team here at RBH,” MacNaughton said. “Despite the challenging economic environment, at the moment, we are all focused on the long-term goal for this hotel – upgrading to a high standard, providing guests with fantastic service and maximising returns.”
Sidra Capital manages significant investments in the UK real estate market with assets under management amounting to approximately GBP 1 billion (SAR4.95 billion) invested in multiple locations including London, Glasgow, Sheffield, Jersey and Watford. Globally, the company has investments in various locations including the US, Australia, Singapore, Netherlands and the GCC. Sidra’s investment strategy is mainly focused on income-generating real estate investments in core and core plus locations of mature markets.
