Nilvip Group seeks to offload two Reading hotels

07 June 2021 by
Nilvip Group seeks to offload two Reading hotels

Nilvip Holdings is seeking to offload two of its Accor-branded hotels in Reading, the Mercure George hotel and the Ibis Styles Reading Centre.

Available to purchase as a pair or individually, the 76-bedroom Mercure George is on the market at a guide price of £9m. The former 16th-century coaching inn has a restaurant and bar, as well as existing plans in place for the refurbishment of all public areas and accommodation upgrades.

The incoming investor would also benefit from rental income from Prezzo and Workhouse Coffee Company, which occupy premises along the main facade of the hotel.

A short walk away, the 52-bedroom Ibis Styles Reading Centre is on the market at a guide price of £5.9m. It has two meeting rooms, a bar, restaurant, external staff accommodation and approximately 18 car parking spaces. The investor would also benefit from the rental income of a convenience store along Duke Street.

Henry Jackson, head of hotel agency at Knight Frank, said: "We are delighted to have been appointed as sole agents on the sale of these two prominent hotel assets in Reading. If purchased jointly, the potential purchaser has the opportunity to own 128 bedrooms in a prime city centre with additional retail units. The freehold hotels have a strong track record and there is potential to improve the assets further with development and refurbishment opportunities available. As the hotel and leisure sector opens up, we continue to see prime hotel assets such as these attracting considerable interest in the market."

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