Bright Hospitality Group has announced the acquisition of its seventh site, after purchasing the Cheltenham Regency Hotel.
The family business, which started in 2005, has acquired the 42-bed property from Drew Hotels, following six months on the market with Fleurets.
Bright Hospitality Group currently consists of sites across the midlands and north of England, including Clayton Lodge hotel in Newcastle under Lyme; Heath Brook Lodge in Kingswinford and the Paddington House hotel in Warrington.
Cheltenham Regency Hotel is home to 42 bedrooms, including five suites, a bar/restaurant with roughly 90 covers, plus a function room with a further 144 covers as well as meeting rooms.
Mr Zaman from BHG commented: “Cheltenham has been a target location for us for a while and we hope to expand our exposure in this area. We are looking forward to working with the team and bringing the hotel to the next level with, most probably, an international brand.”
The property’s freehold was purchased for an undisclosed price.
Chris Irving from Fleurets brokered the deal and commented: “Fleurets was instructed by Drew Hotels Ltd in December 2016 to market the Cheltenham Regency Hotel. Within six months of marketing we are delighted to have brokered a deal with Bright Hospitality Group. In order to facilitate a sale Fleurets recommended to the vendors that the adjacent ancillary site and house were excluded from the site as they would not be required by the majority of hoteliers. This enabled a lower price to be quoted which widened the market and resulted in a successful sale.”