The Hotel Collection is to sell its Cheltenham Park hotel in Gloucestershire. This is the third property in the group's portfolio of 21 four-AA star hotels to hit the market in the past eight days.
The 152-bedroom property is being sold by real estate agent Savills at a guide price of £8m. It is grade II listed and includes a leisure club, restaurant and function rooms.
Martin Rogers, director of hotels, leisure and trading at Savills, said: "It offers a diverse revenue stream and long-term income could be further enhanced by extending the wedding and events facilities or adding spa treatment rooms."
The sale comes as the Hotel Collection, known as Puma hotels until a rebranding in June, sets about streamlining its portfolio. The other two hotels up for sale are the 122-bedroom Palace hotel in Buxton, Derbyshire, being marketed for a price in excess of £7m, and the 100-bedroom Basingstoke Country hotel, near Hook, Hampshire, being marketed for £5.5m.
The company is facing tough challenges. At the same time as the rebranding, it announced its £323m debt had been acquired by Lone Star Funds from the Irish Bank Resolution Corporation. In August, parent company the UK Group of Hotels was placed in administration.
A week ago it was announced that chief executive Frederik Korallus had stepped down as chief executive, with chairman Grant Hearn, who joined in September, taking over the day-to-day running of the group.