Nine Hospitality Investments Limited has acquired a Macdonald branded hotel in Swansea for £4.75m.
The Dragon Hotel in Swansea has been owned by London and Devonshire Trust Limited since 2004 and operated by Macdonald Hotels for the past two years.
It has now been sold to Nine Hospitality, the parent company of S & J Group Limited, a hotel investment fund headed up by Vivek Chadha, who won Young Entrepreneur of the Year in 2014.
The management contract with Macdonald Hotels will not continue under the new ownership.
The four-star Dragon Hotel is located on the Kingsway in Swansea city centre and consists of 106 bedrooms and extensive food and beverage facilities including two conference rooms and a banqueting suite with 230 covers.
It operated as a Holiday Inn formerly, before the owners decided to de-brand the hotel and undergo an extensive refurbishment.
Directors Simon Stevens from London and Jonathan Hill of Christie & Co’s Bristol office handled the sale.
Stevens commented: “This profitable hotel is an excellent addition to Nine Hospitality’s expanding portfolio. We understand the business will undergo substantial investment to re-positioned the hotel in this competitive market. The Dragon Hotel encouraged competitive interest from a variety of experienced operators, and is indicative of both the quality of the business and also of the demand for hotel businesses in this area of Swansea.”