ao link

You are viewing 1 of your 2 articles

To continue reading register for free, or if you’re already a member login

 

Register  Login

Village Hotels acquires former Crowne Plaza hotel amid portfolio reboot  

It comes after the business was sold to private equity investor Blackstone in June last year.

Village_Hotel_Club.jpg

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.


Read More

Village Hotels owner 'eyes £800m sale' of the businessVillage Hotels owner 'eyes £800m sale' of the business
Village Hotels owner in talks with Blackstone over £850m saleVillage Hotels owner in talks with Blackstone over £850m sale
Village Hotels sold to BlackstoneVillage Hotels sold to Blackstone

Rethinking Food Waste Webinar

Rethinking Food Waste Webinar

Best Places to Work in Hospitality 2025

Best Places to Work in Hospitality 2025

Supplier Awards 2025

Supplier Awards 2025

Queen's Awards for Enterprise

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

Jacobs Media

Jacobs Media is a company registered in England and Wales, company number 08713328. 3rd Floor, 52 Grosvenor Gardens, London SW1W 0AU.
© 2024 Jacobs Media