The Bridge Hotel in Thrapston in Kettering has been sold to first-time hotel owner and former supermarket operator, Viren Patel.
The 17-bedroom hotel, situated on Bridge Street, was sold through Christie + Co by Mandy Chagger, who is now looking to focus on other business interests following the sale.
Incoming owner, Patel, is a property investor who started his career operating a local supermarket and most recently established his own business selling seasonal gifts to corporate clients.
He comments: “This is my first foray into the hotel sector, but I have always dreamt of owning and operating my own hotel. I was initially attracted to the Bridge Hotel because of the potential for someone to add value. My intention is to create a new image for the hotel by comprehensively refurbishing the rooms and trading areas, whilst improving the existing business.
“It is evident that the property has lacked care and attention over the past few years, and therefore my aim is to make this hotel great again for the benefit of the local and wider community.”
Joshua Sullivan, senior business agent at Christie & Co handled the sale and comments: “The hotel provided a value-add opportunity for a first time entrant, or experienced operator, to purchase a well-positioned hotel close to amenities and key transport links at an attractive price offering.
“The marketing process generated significant interest from local, regional and national contacts, with the hotel eventually being sold to a first-time entrant funded through Christie Finance.
“Following a turbulent end to 2019, the sale highlights an improvement in market sentiment and renewed confidence in the sector for investors and lending institutions alike. Equally, the transaction signifies the strong appetite from first time purchasers in the sector.”