The new owners of Reading Moat House are to spent ‘millions’ refurbishing and developing the hotel, following its acquisition off a guide price of £12.5m.
Nine Group of Hotels, founded by Vivek Chadha in 2012, has snapped up the Best Western Plus property to add to its portfolio of 15 hotels across the UK.
The 129-bedroom property is set across 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.
Nine Group of Hotels acquired Reading Moat House from MCAP Global Finance, a UK subsidiary of New York based investment adviser Marathon.
The company took over the hotel in 2014 as part of a portfolio of 11 hotels which were previously owned and operated by QMH.
Gavin Wright from JLL’s Hotels and Hospitality Group, which advised on the sale, said the property has scope to be ‘efficiently repositioned with or without a brand in order to further grow RevPAR’.
Vivek Chadha, director of Nine Group, commented: “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 group’s strategic expansion strategy.”
Wright added: “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.”