Compass Hospitality has acquired its second hotel property in Wales, in the form of the Ivy Bush Royal Hotel in Carmarthen.
The group, which already operates the Citrus Hotel in Cardiff, has purchased the 18th century, 70-bedroom hotel off a guide price of £2.7m.
Alongside the bedrooms, the Ivy Bush Royal Hotel is situated in 1.5 acres of grounds and comprises a bar, restaurant and private function space as well as a gym and sauna.
Compass Hospitality acquired the business from Paul and Ann Jaycock, who have operated the three-star hotel over the last 28 years and built up its reputation both in the leisure and corporate markets.
Paul Jaycock comments: “After 28 years of active ownership of a number of hospitality businesses in Carmarthenshire and Ceredigion, Ann and I have decided to retire. We would like to thank all staff and customers of the hotel over the last 15 years for their loyalty and support. We would also like to wish the new owners every success in this venture.”
The hotel will now join other properties in Thailand, Malaysia and the UK as part of Compass Hospitality’s 16-strong portfolio, and will continue to be managed by existing staff under the direction of the new owners.
Harmil Singh, CEO of Compass Hospitality says: “Our maiden entry to Wales in Cardiff has proven to be extremely successful and we are pleased to further expand our business in Wales.”
“While the Ivy Bush Royal Hotel is already performing very well, particularly in the F&B sector, we feel there is upside opportunity to further grow the business through synergies with the other hotels in our portfolio as well as a strategic refurbishment programme.”
Corrina Jones, business agent based in Christie & Co’s Cardiff office, who handled the sale comments: “We are seeing increased activity within the region since January 2018 and this is reflected in increased viewing numbers, offers presented and completions, proving a thriving market in South Wales.”