Bright Hospitality Group (BHG) has acquired its seventh hotel with the purchase for an undisclosed sum of the Cheltenham Regency hotel in Cheltenham.
The hotel has 42 en-suite rooms as well as five suites, in addition to a bar/restaurant with around 90 covers and a function room with a further 144 covers as well as meeting rooms.
BHG bought its first site in 2005 and has six other sites across the Midlands and the north of England, including: the Clayton Lodge hotel in Newcastle under Lyme; the Comfort Inn Manchester North, in Rochdale; the Himley Court hotel in Dudley; Heath Brook Lodge in Kingswinford; the Paddington House hotel in Warrington, and Best Western Broadfield Park hotel in Rochdale.
A spokesman for BHG, which bought the freehold of the hotel, said: "Cheltenham has been a target location for us for a while and we hope to expand our exposure in this area. We are looking forward to working with the team and bringing the hotel to the next level with, most probably, an international brand."
Chris Irving from Fleurets brokered the deal and commented: "Fleurets was instructed by Drew Hotels Ltd in December 2016 to market the Cheltenham Regency Hotel. Within six months of marketing we are delighted to have brokered a deal with Bright Hospitality Group. In order to facilitate a sale Fleurets recommended to the vendors that the adjacent ancillary site and house were excluded from the site as they would not be required by the majority of hoteliers. This enabled a lower price to be quoted which widened the market and resulted in a successful sale."
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