Best Western Grange hotel in Newbury sold out of administration
The four-star, Best Western West Grange hotel in Newbury has been sold out of administration for an undisclosed sum, off a guide price of £3m for the freehold.
This is the second of the Cube Hotels to be sold after the company went into administration in February this year. The 36-bedroom Best Western Salford Hall, a Grade I-listed manor house, was sold to Sussex-based hotel, wedding and conference group Skylane Hotel, off a guide price of £2.25m, last month.
Plans for the last remaining property in the group, the 56-room Leicester North hotel and conference centre, are yet to be disclosed.
Philip Gibson, partner at Edward Symmons, who handled the sale on behalf of the Midlands-based group's joint administrator Zolfo Cooper, said that the transaction demonstrates the resilience of the hotel market. "The property had undergone significant investment and attracted interest from a number of established hoteliers," he concluded.
Two Cube Hotels on the market as administrators break up the group >>
Salford Hall is sold out of administration to Skylane >>
By Janet Harmer
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