Hotel group Hanover International is in talks to acquire two new properties, worth a total value of up to £40m, through a venture with the Bank of Scotland. The joint venture has already acquired one property, the Park Royal Hotel in Manchester, bought for a consideration of £21.5m earlier this month under the Tweed Investments vehicle. In the year to 31 December 2000, pre-tax profits rose 47 per cent to £5.3m on turnover up 54.8 per cent to £30.8m. Chair Peter Eyles is encouraged by the results: These excellent results display clearly our ability to consolidate and improve upon our performance during a period in which the group has been very active in making new acquisitions and ensuring their timely integration. Shares in Hanover fell slightly by 1.4 per cent to 108.5p.