The Elvetham Hotel in Hampshire has been acquired by Jastar Capital, a family-owned hotels, real estate and private equity business as the company looks towards ambitious growth across the country.
The historic venue, which dates back to the 1200s, comprises 72 bedrooms, 21 meeting spaces and 10 separate buildings set in 35 acres and will now benefit from a significant investment under the new ownership.
A refurbishment will include bedrooms, bathrooms, common areas and the creation of a new restaurant and construction of a new ‘market leading’ spa.
The Elvetham Hotel was sold by Richmond & Hampshire, who had owned the property for the last 18 years.
Jastar was set up by Jay Matharu, alongside siblings Taran and Sindri, following a demerger at Grange Hotels.
Jay Matharu, property director, Jastar Capital said: “We are pleased to announce the addition of The Elvetham to the Jastar Capital portfolio. We hope to build on the well-loved foundation that has been safeguarded by the Dare family for almost two decades. The Elvetham Hotel will receive a significant investment programme, including refurbishment of bedrooms, bathrooms, common areas, the formation of a new restaurant and the construction of a market leading spa. This is the first of several planned acquisitions and developments. Jastar Capital has ambitious plans to grow its presence in the hospitality sector across the UK.”
Greville Dare, managing director, Richmond & Hampshire said “After 18 years of ownership we are very proud of what we have been able to achieve with The Elvetham as a business. It is a truly magnificent asset in a fabulous location.”
Global real estate advisor, CBRE, has advised Richmond & Hampshire on the sale of The Elvetham.