Distinct Group purchases the Bedford Swan hotel off guide price of £11.5m
The Distinct Group has purchased the Bedford Swan hotel from BDL Select Hotels off a guide price of £11.5m.
The acquisition of the 113-bedroom, Grade II-listed property increases the group's portfolio to two hotels.
Distinct Group had previously purchased the Cromwell Hotel and Rump and Wade brasserie, Stevenage, in 2015.
The purchase of the Bedford Swan hotel, following the sale of four London pubs to Laine Pub Company in December 2017, marks a move to focus on the hotel sector for the group, with further expansion planned for the future in London and the home counties.
Gareth Leakey, group manager of Distinct Group, said: "The strategy for the group now is to grow the hotel estate further following the sale of our pubs in December last year. We are eager to start a complete refurbishment of the Bedford Swan hotel, which will include a food and beverage offer, meeting and event spaces, bedrooms and upgrade of the spa facilities."
The disposal of the Bedford Swan hotel, sold free of management and branding, is the fourth asset in BDL Select Hotels portfolio sold by JLL. The remaining two hotels in the portfolio are currently under offer and further announcements are expected imminently.
Gavin Wright, director hotel & hospitality at JLL, added: "This was an excellent opportunity to acquire a prime town centre hotel. Combined with established leisure, conference, wedding and banqueting business, it has proven to be attractive to investors. The interest received is reflective of the continued demand from both domestic and overseas buyers seeking good quality regional hotels."
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