Oakwood Hotel, an accommodation business near Gloucester, has been sold to Kang Hotels for an undisclosed sum, having been brought to market for offers in excess of £2m.
Situated on Tewkesbury Road, the 55-bedroom hotel is set within three acres of land and housed within a Grade II-listed Georgian manor house. It is also home to a newly refurbished bar and a large restaurant.
The hotel has been purchased by Kang Hotels, which already operates a growing portfolio of UK properties and is actively acquiring hotels.
The group plans to expand on the hotel’s current offering, complete a refurbishment of the hotel, and introduce a new food and drink offering.
The hotel was brought to market as the owner now wishes to retire and relocate.
The owner said: “It was with a heavy heart that I sold the Oakwood Hotel, however due to ‘semi-retirement’ and emigration I have decided to reduce the size of my UK business assets.
“I had further plans for The Oakwood, including a new bar, room extension and child playground. The new owners are looking to complete my vision and have some great ideas. I wish them well.”
Harpreet Saluja from Kang Hotels added: “We are super excited to have acquired the Oakwood Hotel, as we see great potential to further develop it and present it in its finest form to our guests. We will be investing heavily in the hotel and look forward to bringing a high-end offering to new and returning customers in the near future.”
Sam Roberts, senior agent at Christie and Co, who handled the sale, said: “I am delighted to have completed on the Oakwood Hotel near Gloucester. A former Premier Inn, this 55-bedroom, room-only hotel was operating successfully under the current owner’s portfolio as an independent brand.
“We placed this opportunity on the open market and received a tremendous response within the first two weeks and, after competitive bidding, placed the hotel under offer swiftly. Both buyer and seller were proactive throughout the transaction, and we were able to close the deal within a short timeframe.”
He added: “I’d like to thank the outgoing owner for entrusting us to handle the sale of his business, and I’d like to wish the incoming owner well in their endeavours as they expand their hotel portfolio further in the UK, no doubt we’ll be seeing more of them.
“The local market is strong for opportunities such as this, and we have a number of eager buyers looking for similar assets. Should you be considering your exit plans, we’d be delighted to have a confidential conversation about your options.”
