Nine Group of Hotels, the hotel group founded by Vivek Chadha, has bought the Best Western Plus Reading Moat House, Sindlesham, for an undisclosed sum off a guide price in excess of £12.5m. The hotel is the 16th in the Nine Group of Hotels’ portfolio.
The 129-bedroom property occupies 9.5 acres and is a Grade II listed 19th Century former mill house which was converted in the 1980s. Set overlooking the River Loddon, the property has five meeting rooms, a 120-cover restaurant, a 60-seat bar and adjoining public house benefiting from easy access to Reading town centre.
Chadha, director of Nine Group, said: “The Reading Moat House is a very strategic and long-term purchase for our Group. We plan to spend millions on the refurbishing and development on this hotel to make it a one stop leisure and business destination. This hotel fits perfectly in our groups strategic expansion strategy.”
Gavin Wright, director, JLL’s Hotels & Hospitality Group, said: “This was a fantastic opportunity to secure a hotel which presents a variety of opportunities for an incoming investor due to its superb location and surrounding market.
“Given the strong corporate occupier base, the property has scope to be efficiently repositioned with or without a brand in order to further grow RevPAR.”
JLL acted for affiliates of MCAP Global Finance (UK) LLP throughout the transaction, which acquired the Best Western Reading Plus in 2014 as part of a portfolio of 11 hotels which were previously owned and operated by QMH.