Jastar Capital Buy the Winchester Hotel & Spa
Main Photo: The Terrace at the Winchester Hotel & Spa
Date: July 2021
Location: Close to Winchester city-centre, Hampshire, England, UK
Name: The Winchester Hotel & Spa
Number of Keys: 98
Seller: The hotel was acquired by Quantum Hotels Ltd. out of Administration from the Pederson group in 2011.
Buyer: The Winchester Hotel and Spa has been purchased by Jastar Capital, a value-add investor in hotels and real estate, created from the break-up of Grange Hotels, in recent years.
The 4-star full-service unbranded hotel and spa features 98 en suite bedrooms, restaurant and health club with a poolside relaxation area, hot tub, gym, sauna and steam rooms. The hotel also offers an outside terrace for alfresco dining.
The hotel is situated close to Winchester city centre and is well connected to the M3 and only 15 miles from Southampton. Winchester is ideally located near two national parks including the New Forest and South Downs. The South Downs are the most visited park with approximately 39 million visitors per year. The town also features The University of Westminster, Jane Austen’s house and Marwell Zoo.
Knight Frank acted with Simon Stevens Associates on the sale. Henry Jackson, Partner in the Hotels team at Knight Frank, comments: “We are delighted to have sold the Winchester Hotel & Spa on behalf of Quantum Hotels Ltd. We received considerable interest in the hotel which led to multiple bids being received. The hotel complements Jastar’s existing regional hotel portfolio, which includes the Elvetham hotel, and I am sure they have plans to enhance what is already a prime asset.”
Jay Matharu, Property Director at Jastar Capital, comments: “Jastar Capital is proud to announce the new addition to our portfolio in Hampshire. We look forward to building on the longstanding success and welcoming hospitality that the Harris family, a family with deep ties to the Winchester community, has fostered for over a decade. “The Winchester Hotel and Spa is a great asset for us in a high barrier-to-entry market, with attractive long-term growth potential.”
Gregory Harris, Managing Director of Quantum Hotels Ltd and his wife Sandra who worked closely with her husband during their ten years at the hotel, commented: “We have thoroughly enjoyed developing and nurturing the business for the last decade. Being some ten years beyond ‘normal’ retirement age, it was time to ‘let go’ and hand over the baton to a growing company that will continue to develop and invest in the business over the longer term. We wish the new owners all the very best of success with the hotel and also thank Paul Eaves, General Manager and his entire team for all the dedication, enthusiasm and hard work they have contributed over the years”.
Simon Stevens, of Simon Steven Associates, comments: “This was a rewarding transaction for both our client and ourselves, considering the challenges the hospitality industry faced during the pandemic. Working alongside Henry, Matthew and the wider Knight Frank hotels team, we achieved a tremendous outcome that truly represents a sale price that we would have been extremely proud to have achieved pre-Covid 19. We wish Jastar Capital continued success as they grow and develop their hotel portfolio.”
THPT Comment: The Matharu brothers have done well, despite the brothers going their own way, with Jay, brothers and father, Raj settling in well with Jastar, whilst Tony is steaming ahead with Blue Orchid – we look forward to the opening of the art-deco 55 Broadway old TfL HQ in 2022, and third brother Harp with his Gem Hotels, after the brothers sold the four larger Grange hotels to Jason Kow’s Queensgate Investment group in 2019.
First Seen: Knight Frank press release
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