De Vere Horwood Estate is set to become an independent four-star boutique hotel following its acquisition by Ziz Properties Ltd.
Thanks to a £10m injection of finance from Cynergy Bank, the country hotel has been sold by Starwood Capital to hotelier Karim Kassam who will now invest in refurbishing and repositioning the business as Horwood House Hotel.
The hotel will be operated by ZIZ Hospitality and renovated over the next 18 months after Kassam also secured a further £2.05m loan from Cynergy Bank.
The upgrade plans include increasing the number of suites, refurbishing the restaurant, bar and reception area and improvements to the pool and spa.
The creation of a new wedding venue will also be part of the project.
Horwood House Hotel currently comprises 185 bedrooms, a 200-cover restaurant and 35 meeting and event rooms.
Karim Kassam commented: “The whole process of financing went smoothly and quickly, and this deal allows Ziz Properties to transform what was a good country hotel – into a great one. I am so pleased Cynergy Bank shared my vision for what Horwood House could become – a leading country hotel destination in the UK.”