England's Southwest has seen two notable sales recently: The Splendid Hospitality Group nabbed its first property in the region when it acquired the Mercure Bristol Brigstow Hotel, and Cotswold Inns and Hotels purchased the The George Hotel in Cheltenham.
Speaking of the Mercure sale, Splendid CEO Stuart Bailey, said that the hotel, its first with AccorHotels, would keep its brand under a franchise agreement. The Group's portfolio now has 19 hotels. The group recently purchased the New Ellington Hotel in Leeds, and also has city center hotels in London, Oxford, Edinburgh and York.
Bristol’s hotel scene is becoming increasingly competitive, South West Business noted, with several recent new investments and new openings. Will Duffey, executive vice president in JLL’s hotels and hospitality group, told the paper:
“The sale of the Mercure Brigstow represents an excellent opportunity for Splendid Hospitality Group to leverage the flexibility of a franchise and enhance an already strong asset in one of the UK’s keystone markets. The quality of the real estate helped elicit encouraging interest from regional and international investors throughout our disposal process.”
The George Hotel, meanwhile, was purchased in an off-market deal with Cotswold Inns and Hotels, which owns property in Worcestershire, Oxfordshire and Gloucestershire. The hotel, the largest privately owned property in Cheltenham, will become the ninth hotel in the Cotswold Inn and Hotel Group collection, and the first to have a central town location. A renovation is planned for autumn.
Cotswolds hospitality expert Peter Brunt of Colliers International Hotels negotiated the sale.