News and insights | Silk/Horizon Portfolio Sale to Marathon

Silk/Horizon Portfolio Sale to Marathon

June 2021

THM is pleased to announce the sale of the Silk/Horizon portfolio of hotels to Marathon

The portfolio comprises 17 InterContinental Hotel Grouped branded hotels (15 Holiday Inn and two Crowne Plaza), located across the United Kingdom in key regional markets, with 2,374 rooms.

THM was introduced to the Group in June 2020 to assist the board and financial stakeholders with navigating the financial challenges directly arising from the Covid pandemic.

Led by Chris Elkins and supported by Ian Ireland, THM has provided hands-on assistance and advice to the Group throughout the past 12 months, culminating in the sale of the portfolio.

THM’s role included short term cash flow forecasting the liquidity management, development of the Group’s business plan, securing additional finance facilities with the Group’s lenders and supporting the Group throughout the process. Chris was also appointed as Director to each of the boards of the Group’s entities, together with Neil Robson in a non-executive, advisory role.

The completion of the sale is a positive outcome for the Group’s stakeholders and the employees working across the portfolio.

Throughout the engagement, THM worked closely with other advisers including Linklaters, led by Tom Quoroll, Cerberus and the legal advisers to the Group’s lenders Herbert Smith Freehills (John Chetwood and Matthias Steiner) and Clifford Chance (David Towers and Tim Lees).

On the sale to Marathon, the Group was also advised by Eastdil Secured (Giorgio Manenti, Clara Jacquier and Soraya Wörag), BCLP (Laura Wild, Patrick Johnson and Daniel Bell) and PwC (Emily Mason and Peter Cardwell).

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