Jastar Capital has bolstered its portfolio with the acquisition of The Winchester Hotel & Spa.
The 98-bedroom hotel was sold for an undisclosed sum after a competitive bidding process, with the deal secured by Knight Frank and Simon Stevens Associates on behalf of owners Quantum Hotels Ltd.
Quantum Hotels took over the hotel out of admiration from the Pederson group in 2011 and is run by managing director Gregory Harris and his wife Sandra. They said it was time to ‘let go’ of the business and hand over the reins to a new owner looking to invest in the long term.
Jastar Capital is an investor into four-star hotels and has a portfolio which includes the Elvetham Hotel. The company now plans to enhance The Winchester Hotel and its restaurant and health club.
Henry Jackson, Partner in the Hotels team at Knight Frank, comments: “We are delighted to have sold the Winchester Hotel & Spa on behalf of Quantum Hotels Ltd. We received considerable interest in the hotel which led to multiple bids being received. The hotel compliments Jastar’s existing regional hotel portfolio, which includes the Elvetham hotel, and I am sure they have plans to enhance what is already a prime asset.”
Jay Matharu, property director at Jastar Capital, comments: “Jastar Capital is proud to announce a new addition to our portfolio in Hampshire: The Winchester Hotel and Spa. We look forward to building on the longstanding success and welcoming hospitality that the Harris family, a family with deep ties to the Winchester community, has fostered for over a decade.
“The Winchester Hotel and Spa is a great asset for us in a high barrier-to-entry market, with attractive long-term growth potential.”