It comes after the business was sold to private equity investor Blackstone in June last year.
Village Hotel Club has acquired the former Crowne Plaza site at Caversham Bridge, Reading.
It comes as the Blackstone-owned hotel group revealed plans to bolster its 33-strong portfolio through refurbishments of nearly 600 rooms and upgraded leisure and fitness facilities at over half of its estate.
The investment plan was announced in September last year and is being led by Robin Leahy, who was appointed to the newly created role of director of mergers and acquisitions following the sale of Village Hotels to Blackstone for reportedly £850m in June 2024.
The hotel group is also aiming to install rapid electric vehicle charging points at all of its UK locations and increase the number of rooms at select properties, including those in Ashton, Manchester and Solihull, which will each see an additional 48 bedrooms.
The Reading property will undergo a multi-million-pound renovation to offer new bedrooms, a signature pub and grill, meetings and events space, a Starbucks coffee shop and a health and wellness centre.
Gary Davis, chief executive of Village Hotel Club, said: “Building on our successful conversion in Bracknell, the acquisition is another example of significant investment in the area and creates an opportunity to bring our unique and differentiated proposition to guests and local audiences alike.”
Global real estate advisor CBRE advised on the sale of the Crowne Plaza Reading on behalf of Brightbay Real Estate Partners, an affiliate of Starwood Capital Group.
Terms of the deal were not disclosed.