Knight Frank has been instructed as sole selling agent for two hotels in Reading town centre, the Mercure George Hotel Reading and the Ibis Styles Reading Centre, available to purchase as a pair or individually.
The Mercure George Hotel, on the market at a guide price of £9m, is located in Reading town centre, and is a former 16th century coaching inn comprising 76 bedrooms, restaurant and bar. The sale also comes with existing plans in place for a refurbishment of all public areas and bedrooms.
The incoming investor would also benefit from the rental income from Prezzo and Workhouse Coffee Company who occupy premises along the main façade of the hotel.
Situated a short walk away, the Ibis Styles Reading Centre is also on the market at a guide price of £5.9m. The property comprises 52 bedrooms, two meeting rooms, a bar, restaurant, external staff accommodation and approximately 18 car parking spaces.
The investor would also benefit from the rental income of a convenience store along Duke Street.
Both hotel assets are currently owned by Nilvip Group.
Henry Jackson, head of hotel agency at Knight Frank said: “We are delighted to have been appointed as sole agents on the sale of these two prominent hotel assets in Reading. If purchased jointly, the potential purchaser has the opportunity to own 128 bedrooms in a prime city centre with additional retail units. The freehold hotels have a strong track record and there is potential to improve the assets further with development and refurbishment opportunities available. As the hotel and leisure sector opens up, we continue to see prime hotel assets such as these attracting considerable interest in the market.”