Date: November 2018
Location: Egham, Surrey, UK
Name: Great Fosters
No. of Keys: 43
Seller: The Sutcliffe family who have owned the hotel since 1930
Buyer: Peter & Deborah Hinchcliffe owners of Alexander Hotels
The hotel has been operated by managing director Richard Young for the last 20 years, who is said to be staying on in his position for the time being.
Besides the bedrooms, the hotel has two restaurants, including the Tudor Room that holds 4 AA Rosettes and a Michelin star and is a popular venue for weddings and conferences.
Peter Hinchcliffe, co-owner of Alexander Hotels, said of the acquisition: “We’re absolutely thrilled to be able to add Great Fosters to our portfolio. It’s a wonderful hotel with huge potential, and the fact that we have a Michelin Star restaurant housed within it adds some significant gloss to our wider offering.
“The hotel has a truly diverse offering, and it’s the quality of this offering that first attracted us towards acquiring it. Great Fosters is an excellent and exciting addition to our group and we’re looking forward to developing its potential yet further as we marry up our extensive expertise with its outstanding amenities.”
Great Fosters will now join their other four- and five-star hotels such as Alexander House Hotel, Rowhill Grange Hotel, Langshott Manor and Barnett Hill.
Earlier this year, Boutique Hotelier reported that Young planned to begin work on an expansion project at Great Fosters, which would see around 40 new bedrooms and a gym constructed within the grounds to help address a business ‘unbalance’ at the hotel.
Revenue for the year ending March 2018 at Great Fosters saw an increase to £7.2m, despite operating profit being eroded by food inflation.
In the latest accounts to be filled on Companies House, the company recorded an operating loss of £18,358, compared to an operating profit of £160,967 in 2017, with factors such as food inflation continuing to take its toll and a shortage of skilled labour, particularly in the kitchen, pushing wages and salaries beyond initial forecasts.
Price: The hotel had a guide price of £23m
Price per Key: £534,884
THPT Comment: This is a great prize, with it’s good reputation, location close to Heathrow, without being an “airport hotel” and scope to add the extra rooms. Well done Alexander Hotels.
First Seen: Boutique Hotelier