A bed and breakfast in Bath has been sold to Samir Thukral and Sanjoy Roy of Bath Hospitality Limited for over £1.45m, as demand for hospitality acquisitions in the city continues to grow.
The Aquae Sulis hotel will now be given a makeover by its new buyers, who are originally from India, with plans to refurbish the property’s 14 bedrooms, introduce a new web-based system and add new bedroom amenities, now on the cards.
The new owners are also planning to introduce a conservatory, lounge/restaurant to increase the food and beverage potential of the property.
Hotels director Simon Wells, who previously sold the Ayrlington, Kennard and Griffin, said: “Signing off on another key deal in Bath follows the best part of 18 months of sales successes, but it has left a number of disappointed bidders even more determined to find their foothold in this tourist hotspot.
“It’s all happening in the city at the moment and prospective buyers need to be primed and ready to go after properties the moment they come up.
“Over the last couple of seasons occupancy levels have been rising, reaching 81 per cent in 2015 according to the latest available data. So it is not surprising that demand for hotel and bed & breakfast property in Bath is reaching unprecedented levels.”
Wells said he believes Bath is a South West visitor hotspot that will continue to outperform other, bigger destinations in the region, and that Bath’s appeal showed little sign of abating as a result of its Roman baths and Georgian buildings making the city a popular stopping place on a tour of the UK.
“High land prices in London are causing investors to look outside of the capital for opportunities to spend their cash. And the electrification of the mainline from London will bring Bath even closer to the Capital and boosting its appeal as the long weekend destination of choice,” he said.