The Ramada Leicester Stage Hotel has been sold to London Town Hotels as the group looks to expand its national portfolio.
The 79-bedroom property has been sold on behalf of Lester Hotels with incoming operator London Town Hotels looking to now carry out an extensive ‘multi-million pound’ refurbishment programme and increase the number of bedrooms at the hotel.
Founded in 1988, the London Town Group, an established property investment company, owns and operates hotels across London and the UK regions.
Alongside the 79 bedrooms, Ramada Leicester Stage Hotel is home to five conference rooms, plus 160-cover restaurant and health and fitness club.
The hotel is situated three miles from Leicester city centre.
Paul Barrasford, director in Colliers International’s Hotels Agency team, commented: “The market remains very strong for regional hotels with the profile of active buyers ranging from established groups, like London Town Group, to newer players such as overseas investors and high net worth individuals.”
Koolesh Shah, London Town Group’s managing director, stated: “We are delighted to add the hotel to our expanding portfolio. The property is a good strategic fit alongside our other regional hotels. We intend to carry out a multi million-pound refurbishment programme and increase the number of bedrooms to further enhance the appeal of the hotel.”
Simon Lester, chairman and CEO, Lester Hotels, concluded: “We have greatly enjoyed our ownership of the hotel and would like to thank all the staff for their hard work in establishing such a successful business. We wish London Town Group success on the next exciting chapter of the hotel’s future.”