Cameron Ventures Group has strengthen its footprint across East Anglia with the acquisition of The Park Hotel in Diss.
The operator of four hotels in the Suffolk area has taken over the 19-bedroom hotel from Koste Hotels after approaching owner Tracey Davies directly in an off-market transaction.
The property was purchased for an undisclosed sum but had a guide of offers in excess of £1m.
Now Cameron Ventures Group plans to continue work started by the previous owners on an additional 10 bedrooms in early 2022.
Speaking to BH, Brian Keane CEO of Cameron Ventures Group says: “As part of our strategy to grow, Cameron Ventures Group is pleased to have acquired The Park Hotel in Diss from Tracey Davies.
“We plan to carry on with the strategy of the previous owner and complete the additional 10 bedrooms in Q1 2022.
“The Park Hotel provides Cameron Ventures Group with further coverage across East Anglia where we hope to add further acquisitions in 2022.”
Earlier this year the Group secured a £5.875m loan from Cynergy Bank to fuel its growth plans.
The loan, £5m of which was a CBILS loan while the remainder was lent through the Recovery Lending Scheme, has been agreed on flexible terms, including a significant interest-only period and 23-year repayment profile.
Cameron Ventures Group was founded in 1999 and is owned up by Brian and Kelly Keane. It comprises four Best Western hotels – Brome Grange Hotel, Priory Hotel, Ipswich Hotel and Cedars Hotel (pictured) – but are independently owned and run by the Cameron Ventures Group with its Central Office located in Mildenhall.