The Victoria Hotel in Oxford has been sold to an experienced hotel developer off an asking price of £2m, after 40 years in the same family ownership.
The 16-bedroom hotel has been owned by the Parojcic family for the last four decades, developing a successful business with a strong local reputation, and now deciding to retire from the sector.
The Victoria Hotel has been acquired by the Ede Group, which has previously developed and owned hotels in Oxford, including The Principal Oxford Spires Hotel.
Director, Daniel Ede teased some ‘exciting plans’ in the coming months, with the purchase continuing the Group’s efforts to grow its hotel division.
Alongside its 16 bedrooms, the hotel features a reception lobby, commercial kitchen, large dining room, bar, three reception rooms, plus three bedroom owner’s accommodation.
Tom Orchard, business agent at Christie & Co’s Reading office, handled the sale and comments: “The Victoria represented a wonderful opportunity to acquire a successful business in Oxford. This is an exciting purchase for the Ede Group and I have no doubt they will continue to grow the business and maximise the potential. It’s been a pleasure to work with them and I wish them all the best with this new venture.”
The Victoria Hotel was sold off a freehold asking price of £2,000,000.