The Lion Quays Hotel & Spa in Shropshire has been sold in excess of its £10 guide price.
The 82-bedroom hotel, located near Oswestry in Shropshire, was sold by JLL Hotels & Hospitality Group on behalf of Shropshire Leisure Group, who has invested a significant amount in the business within its last few years of ownership.
RCapital purchased Shorpshire Leisure Group in 2013, when it comprised of two hotels and a garden centre. The company has since spent the last three years investing into the business through the appointment of an experienced management team and various refurbishment and expansion projects.
The hotel comprises of 82 bedrooms, which were completed in 2004, a Waterside bar and restaurant and spa, fitness and leisure centre, including Nico’s bistro which was built in 2008.
Most recently the hotel underwent a renovation of 20 of its bedrooms, with the further upgrade of the remainder of the bedrooms, restaurant and spa to be carried out by incoming purchaser Ashok Bansal.
Commenting on the sale Charlie Macildowie, associate in JLL’s Hotels & Hospitality Group, said: “Following the work undertaken by RCapital since 2013, Lion Quays Hotel & Spa today represents an established profitable business with numerous opportunities for future growth both on the back of the buoyant regional UK hotel market and property enhancement initiatives. As a result, we received notable interest for the opportunity and were able to obtain a price in excess of the sellers’ expectations. ”