Date: March 2018
Location: Bedford, Bedfordshire, UK
Name: Bedford Swan Hotel – four star
No. of Keys: 113
Seller: BDL Select Hotels, the hotel is the fourth asset in BDL Select Hotels’ portfolio to be sold, and the remaining two hotels (148 room Langstone Hotel, Hayling Island and 30 room Rosslea Hall in Helensborough, Scotland) in the portfolio are currently under offer.
The hotel was sold free of management and branding, which presents an opportunity for the incoming investor to re-position the asset.
JLL is acting for BDL on the sale of the portfolio. UK law firm Shepherd and Wedderburn acted as legal advisers on the sale for BDL Select Hotels.
Buyer: Distinct Group, a small pub company that bought it’s first hotel – The 76 room Cromwell Hotel in Stevenage, in December 2015.
Gareth Leakey, group manager of Distinct Group, advised: ”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 & beverage offer, meeting and event spaces, bedrooms and upgrade of the spa facilities.”
Price: £11.5m (Guide Price)
Price per Key: £101,770
THPT Comment: A good 2nd buy for this growing small company