Wetherby hotel sold for undisclosed sum
An AA four-star Wetherby hotel has been sold for an undisclosed sum to an expanding UK hotel group that operates 19 sites across the country.
Colliers International announced this week that it has sold the 37-bedroom Bridge Hotel and Spa to Shepherd Cox, which includes properties operating under brands such as Best Western, Holiday Inn and Comfort Inns.
The transaction was brokered by Julian Troup, Head of UK Hotels Agency at Colliers International, on behalf of the owner Philip Roberts.
Mr Troup said: “This is an enviable business with a high-quality offering and was transacted on a highly confidential basis.
“Colliers and its clients were delighted with the result of the process, including maintaining the required confidentiality.”
The Bridge Hotel, at Walshford, includes The Courtyard Restaurant and Byron Bar, as well as conference facilities including Ribston Suite, The Walshford Suite, and The Byron Room, which have capacity for 200, 175 and 70 people respectively.
Leisure facilities include the Courtyard Spa with a luxury thermal suite and treatment/massage rooms.
The hotel also benefits from planning consent for two hotel bedroom extensions, providing a total of 28 additional letting bedrooms.
The business has a net turnover approaching £3 million per annum. The management team will remain in place.
Troup added that the sale was indicative of a wider trend of increased demand for quality provincial hotel opportunities from a diverse range of potential buyers, ranging from international investors attracted by weaker sterling and improving trading prospects, private buyers seeking the benefits of a lifestyle opportunity and corporate investors focused on favourable returns and real estate alternatives.
“We are delighted to add this very prestigious asset to our hotel portfolio,” said Nick Carlile, Director of Shepherd Cox.
“We plan to continue the great work that Philip and his team have done, and expand the hotel with the new rooms.
“This acquisition represents a key step in the growth for Shepherd Cox Hotels.”