Knight Frank LLP has sold the Ramada Plaza London Gatwick hotel, to a Canadian hotel group Sandman, achieving in excess of the guide price of £4.9m.
The property consists of 151 bedrooms with bar, restaurant and conference facilities and 152 car parking spaces. It is located close to Manor Royal Business Park, three miles from London Gatwick, and 30 miles from London. Under new ownership, the hotel will be refurbished and rebranded as a Sandman Signature Hotel, and join its other UK hotel in Newcastle.
The property was brought to market earlier this year as a portfolio of three Ramada branded hotels, located in Gatwick, Birmingham and Hatfield, of which the latter two are still available.
The properties were let to Jarvis Hotels Limited until the owners took control back in 2011. The remaining hotels have been, and continue to be run under the management of RedefineBDL Hotels, and will be available, with vacant possession, as going concerns.
Henry Jackson, partner, Knight Frank hotels team, commented; “The sale generated considerable interest and we received multiple offers for the property. The competitive bidding resulted in a price being achieved well in excess of the guide of £4.9m. The Sandman Hotel Group has considerable plans for repositioning the hotel and growing the brand. There are signs that investor sentiment is improving for regional hotels and Knight Frank hotels team have concluded several key hotel transaction over the last couple of months.”
Mitch Gaglardi, Director of Sandman Hotel Group stated, “We are delighted to be successful in acquiring this exciting asset with Knight Frank and look forward to bringing it to our exacting Signature standards.”
