PRINT THIS PAGE Spirit Group sells hotel chain for £536.2m26/07/2004. Source: AltAssets. 
 Spirit Group, the private equity-backed pub operator, has sold 141 hotels to leisure group Whitbread for £536.2m. The deal represents a valuable exit for the group's shareholders including Blackstone, CVC Capital Partners and Merrill Lynch Global Private Equity.
The premier Lodge chain was acquired by Spirit Group as part of the £2.51bn acquisition of the Scottish & Newcastle retail business in October 2003.
The decision to sell the hotel chain attracted considerable interest from trade and private equity buyers. Apax Partners was defeated in the final round of bidding, when Whitbread increased its offer.
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