Best-Western branded The Stuart Hotel has been sold to growing hospitality group AG Hotels, after being launched on the market at a guide price of £4.95 million.
The 100-bedroom city centre hotel features a bar, restaurant and conferencing facilities and is the eighth hotel to be purchased by the expanding AG Hotels group.
The sale was handled by specialist business property advisor Christie & Co and represented the company’s first substantial hotel sale of the year.
Christie & Co says the sale of The Stuart Hotel underscores the demand for such freehold properties across the UK’s regional hotel market, from a whole host of active investors.
Christie & Co acted for the private vendors in the sale of the hotel, who had owned and operated the business for close to 20 years.
Girish Grover, CEO of new owner group, AG Hotels commented: “We are delighted with our acquisition of Best Western The Stuart Hotel and have exciting plans to invest in and refurbish the property in due course.”
Gavin Webb, Associate Director – Hospitality at Christie & Co added: “Christie & Co are pleased to be able to announce the sale of this substantial central Derby hotel. Initial interest in the hotel was strong with competitive bidding.
“This latest sale to AG Hotels is evidence of their continued ambition to keep growing and become a major player in the hospitality arena.
“We wish them well with the operation of this long-established hotel.”
The AG Hotels group currently operates seven other sites around the UK: The Plaza Hotel in Chorley, Orchid Hotel in Epsom, Casa Mere Hotel in Knutsford, Lakeside Hotel in St Helens, Fortune Hotel in Huddersfield, Embassy Hotel in Newcastle and Hotel Castleford.
The growing company employs over 100 people and describes itself as offering “high-quality hotel accommodation and exceptional guest service at economical prices.”